Tomorrow ConAgra (CAG) reports their quarterly results. The play is to short it. The chart has a number of factors saying that the results won’t be positive.
CAG ConAgra Brands, Inc. – REPORTS TOMORROW ON 12/21/2017 – BUY/SELL/WAIT (B/S/W)
- Price is on the wrong side of the short term trend line (gray line)
- Price is hitting off of the 361% fib extension
- Price is against a pivot point ceiling (the magenta lines)
Could CAG report great numbers and blow past $39? It sure could but based upon what I am seeing my NO HEDGE PREDICTION is to short the stock to $36 which is just above the bottom of the gray box that is the 50% fib retracement. The more aggressive short is to around $35. Stop loss is at $38.96.
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Disclaimer
All stock recommendations and comments are the opinion of myself and at this time I do not have any positions in CAG. Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal ownership, may influence or factor into a stock analysis or opinion. All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is not indicative of future price action. You should be aware of the risks involved in stock investing, and you use the material contained herein at your own risk.
