As we head into Valentine's day, Hershey's breaks out. It has had a smooth climb for a while now.
This is part of Consumer Staples. As a defensive sector, we can see the growth in the stock price since the October lows. This is a good example of acceleration into the defensive sectors as investors look for stability from the commodities instability. However, since Cocoa topped out, Hershey's has soared! The SCTR has just moved above the 75 level which is usually bullish. The volume that accompanied the breakout is excellent. Good Loving!
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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