ConAgra Brands Inc
Conagra is a diversified packaged food company primarily focused on the US market. It has a host of market-leading brands like Healthy Choice, Slim Jim, Reddi-Wip, Vlasic, etc., in its portfolio. Conagra Brands is more than 100 years old, and it has a wide distribution network that spans supermarkets, food service establishments, and restaurants. It benefits from strong brand power and economies of scale. The demand for food also tends to be steady over the long term. Therefore, the future prospects of Conagra are bright.
The long-term monthly chart for Conagra shows a mix of uptrends and sideways movement. The most recent uptrend started in 2019. The price, for the most part, had found support at the bottom trendline except in November and December of 2021, when markets globally were pulling back. We had recommended this stock in September 2021 when the price was at the confluence of the bottom trendline and an important support zone at $32. However, a breakdown occurred in the following months. But, the price has now recovered and is back above the bottom trendline. Therefore, a retest of the previous highs of $38-$39 looks likely. A stop-loss can be placed near the low of the January 2022 candle at $32.5.
Position entered our long-term tracking portfolio today. Entry point at $35.74 and stop-loss $29.4 18% below the entry point. The short-term to medium take profit at $40, giving a potential profit of 12%.
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.
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