Recently, the leading packaged food company ConAgra Foods Inc (NYSE:CAG) has declined sharply on the charts. The stock topped out on August 5th, 2013 at $37.21 a share. Since that time, ConAgra Foods Inc stock has been steadily declining. Last week, the food company warned of a 7% decrease in consumer goods volume. This news has certainly put pressure on the stock price of ConAgra Foods Inc. Traders and investors should now watch the $26.00 level as the next important support level for ConAgra Foods Inc stock. This is a level where the stock based sideways in 2011, and 2012 before breaking out. Often, prior breakout levels from the past will be defended by the institutional money crowd when retested. This technical setup makes ConAgra Foods Inc stock very appealing around the $26.00 level.
Nick Santiago
Chief Market Strategist
www.InTheMoneyStocks.com
Nick Santiago
Chief Market Strategist
www.InTheMoneyStocks.com