More Upside for Hormel ?

Published on Thursday, 15 July 2010 12:39 Written by Christopher Lynn

New York, July 15th (TradersHuddle.com) - Shares of Hormel Foods Corporation (NYSE:HRL) booked a new 52 week high today by trading above $42.85, traders are definitely monitoring Hormel's price action to see if this move attracts further buying into the stock.

Hormel Foods Corporation (NYSE:HRL) manufactures and markets consumer-branded meat and food products. The Company processes meat and poultry products and produces a variety of prepared foods.

Hormel is currently trading -0.3% versus its previous trading session close, and it has calculated support and resistance at $40.14 and $42.27 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -1.08% from its previous trading close, which means that Hormel stock is outperforming the overall market.