The Spam Goes Splat: Hormel Chart In For Burnt Beans
We talked Hormel Foods (HRL) this idea as a possible SHORT or AVOID all-together, in our Hammer Report Video, back in February. The stock has gotten it's beans -n- chilli burnt from a Technical analysis standpoint. The chart looks like it's rolling over to the downside. Splat goes the Spam!
Hormel Foods Corporation is an American food company based in Austin, Minnesota that produces Spam luncheon meat. The company was founded as George A. Hormel & Company in Austin by George A. Hormel in 1891. It changed its name to Hormel Foods in 1993.
Here is the chart from February. It raced up violently to a 3.618% Fibonacci extension and then delivered a rather bearish candlestick pattern!
Flash forward to the current chart of Hormel. We are working on a Weekly Relative Strength breakdown when viewed vs the S&P 500.
It looks like there is some more dowside pain in store for this idea!
For more Charts & Technical talk from John Butcofski and Kimberly Swartz, minus the P.C., visit CaptainJohnCharts.
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