HSY Triple Top - Crawling Into EarningsBearish technical setup for HSY coming into their Q3 Earning's on 11/7. Anything less than a big beat could take Hershey down to new lows at around $170 support.
Hershey
Pantry Staples: Macro Fib SchematicsGeneral Mills, Kellogg, Campbell, Hershey, Smuckers, Sysco, McCormick & Company, and ConAgra are a handful of the largest American pantry/snack favorites.
These Fib Schematics look pretty good and are easy to decipher. This makes this a good idea other than the fact that I should have grouped my tow food ideas differently. I have another Food Idea linked below with the rest of the Big Food Players.
$HSY Fibonacci Support & PivotNYSE:HSY Fibonacci Support & Pivot at 152.20 and 618 Fib Support "Fibonacci support is a key level in technical analysis derived from the Fibonacci sequence. Traders use these levels to identify potential price reversals or areas where an asset may find support. These levels, such as 38.2%, 50%, and 61.8%, are drawn based on the Fibonacci ratios and play a crucial role in understanding price movements and making informed trading decisions."
Kiss Hershey chocolates hello to $271!Hershey broke up and out of a Cup and Handle pattern.
The Moving Averages are all pointing up and looks good.
There is a retest on the brim level giving this a conservative entry for chart pattern traders.
Target = $271.00
CONCERNS:
With the Interest rate hike of 75 basis points pumping it to 4% with more coming, this could disrupt the upside as it has done with stocks gloablly.
HSY Facing Technical HeadwindsNoticing some bearish divergence on the RSI. HSY of late seems to be trading in a shape that resembles both an ascending triangle and/or a rising wedge. Due to my inability to tell which pattern it is trading in, I will remain neutral on Hershey at the moment. However, the stock has seen quite a run-up in price (since Covid), so HSY holders now may be an optimal time to trim some of this position as market fundamentals and macro risks are looking increasingly problematic.
HSY is close to Mirror Level!This is a good example of Mirror Level.
It's a huge probability that the price will bounce again from 139.46.
Before to trade my ideas make your own analyze.
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Cocoa toppingSeems cocoa is finding a way lower. On the monthly I see too much pressure building. Path of least resistance is likely to the downside at this point. I prefer to get in a bit early than wait for the pennant to break to the downside (if it does).
