Trade Alert - Hormel High Volume

Published on Friday, 10 August 2012 11:38 Written by TradersHuddle Wire

New York, August 10th (TradersHuddle.com) - Unusual high volume detected on shares of Hormel Foods Corporation (NYSE:HRL) early in the trading session. The pace in volume of Hormel is already above average, with buyers stepping in, as the stock is 0.32% higher.

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 has already traded 1 times its 3-month average volume and has calculated support and resistance at $27.70 and $30.70 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.27% from its previous trading close, which means that Hormel stock is outperforming the overall market.