Move For Tyson Foods May Be About To Begin

Adobe Poised For Breakout | Investing.com


Tyson Foods Daily Chart.

Tyson Foods (NYSE:) is moving well today. The stock’s 5% gain puts it at the top of the gainers list. It appears a breakout is brewing after months of consolidation. Tyson Foods remains range bound, but a move, maybe a significant one, may be about to begin.

Tyson has been trading in a tight range since mid-April. Unlike the bulk of the S&P 500 Index, the stock’s rebound off the March lows has been quite subdued. As summer has dragged on, Tyson’s range has tightened as it sat nearly 35% below the 2020 peak. This sideways action has kept shares well below overbought levels (daily MACD) indicating a fresh rally leg could carry the stock sharply higher.

We believe Tyson is set up as a low-risk buy at current levels. A key hurdle is an overhead trend line that links the June/August highs. Once clear, the stock will have to battle a downward sloping 200-day moving average ($69). This key level may not pose a problem due to the length and narrowness of the current consolidation. On the downside, a close back below $60.00 would violate the September lows indicating more sideways action will be needed before Tyson can mount a measurable rally.

Note: No positions.

You can read Gary S. Morrow’s original post here.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Gary S. Morrow


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME