This $HSY chart is Sweeet! – March 23, 2023
HSY
This is Scott with your Chart of the Day. I want to take a look at Hershey Company ( NYSE: HSY ). I don’t know about you, but with the banking crisis, the war, and everything going on in the world right now, I seem to be eating more chocolate as a way to soothe my nerves in this market. And I must not be the only one because the Hershey Company ( NYSE: HSY ) stock is in a nice uptrend even within this market volatility.
Look at this day yesterday, a clear rejection day yesterday. It closed near the lows but it didn’t make a new low. It still held above the daily 8-exponential period moving average. In fact, the 8 and the 21-day have been support on this stock since late January here. So I think this chart is good to go. It is definitely one you want to keep an eye on for a potential pullback buy entry around the 8 or 21-day EMA.
You can see how it broke above this clear base of resistance, back tested it, and this is now support. You know where support is, and so I think this is a pretty important level here, at least in the short-term on Hershey ( NYSE: HSY ). So we know where support is, and now what do we want to see? A break higher.
There are two important levels that I see on this chart right now, right around that 245.55, and then up here at 247.30. So I think it makes sense, if this chart does break higher above that 245.60 level, close above that level, and do it on good volume, that is probably a good spot to start a position.
If it does break through 247.30, and again, does it on volume, I think that is a good spot to add to a position here. As long as it can hold above and close above that 21-day exponential period moving average, right here, that is the gray line on the chart.
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