Tyson Pulls Back and Bounces
Tyson Foods has been riding strong results higher since the summer. Now it may be swinging back to the upside.
The first pattern on today’s chart is the bullish earnings gap on February 7. TSN briefly flirted with triple digits after the report, then pulled back to retrace the entire move.
Second, consider price action at the bottom of the dip last week: a drop under $90, with a quick recovery. That “abandoned baby” candlestick is a potentially bullish reversal pattern.
The bounce also occurred at the 50-day simple moving average (SMA). TSN found support at the same line in September and late December.
Next, Tuesday’s move landed the stock above both its 8- and 21-day exponential moving averages (EMAs).
Finally, TSN has reclaimed the $94.24 level where it peaked in early 2020.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the bullish earnings gap on February 7. TSN briefly flirted with triple digits after the report, then pulled back to retrace the entire move.
Second, consider price action at the bottom of the dip last week: a drop under $90, with a quick recovery. That “abandoned baby” candlestick is a potentially bullish reversal pattern.
The bounce also occurred at the 50-day simple moving average (SMA). TSN found support at the same line in September and late December.
Next, Tuesday’s move landed the stock above both its 8- and 21-day exponential moving averages (EMAs).
Finally, TSN has reclaimed the $94.24 level where it peaked in early 2020.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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