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 vast 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 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 and is still in play, with the price mainly finding support at the bottom trendline. The only exception was a brief moment in March 2020 when markets worldwide were trending down due to the pandemic. In August 2021, the price found support at the bottom trendline’s confluence and a critical support zone at $32. A reversal is likely, and the target price is the most recent peak of $39. A tight stop loss can be placed below the support level at around $31.

Position entered into our long-term tracking portfolio today. The entry point is at $33.05, and stop-loss is placed at $29.16, which is 11% below the entry point. The short-term to medium-term take profit at the top of the trend is set at $38.57, giving a profit of 16%.