Hormel Foods Corp has emerged out of a lengthy “NoGo” with GoNoGo Trend painting an aqua “Go” bar.
We saw GoNoGo Oscillator break above zero as price set a higher low which tipped us off to the changing technical environment for this stock. As the oscillator again finds support at zero and rallies into positive territory we will look for price to get above pattern resistance at around $42.90. Initial target could be around $44.50 – $45.00.
