Will HSY Stock Break Below $200 in October 2023?

Hershey stock price has been on a downtrend throughout the year, as it faced resistance from the higher levels and formed lower lows structure, this shows that the bears have been in control and the stock has lost momentum. The stock has also broken below the key moving averages, another sign of weakness.

The stock has lost the gains it made in the previous year. Hershey (NYSE: HSY) stock has returned to its previous breakout level, which is now likely to act as a support level. Technical analysis suggests that the stock is oversold and could bounce back from the lower levels. However, the stock must show signs of strength and reversal before a pullback rally can be confirmed.

Hershey stock (NYSE: HSY) price is in a correction phase but trading near the crucial support of $200. If formed, a bullish candle indicates buyers are active and will try their best to rebound. HSY stock price closed the previous session at $207.94 with an intraday loss of 0.10%. If the buyers succeed in defending the current support, then the possibility of a bounce back will increase. However, if the sell-off continues and Hershey stock drops below the lower levels, more downfall is possible.

Buyers tried multiple times to break the higher range and expand upwards. However, due to the strong presence of sellers, prices faced rejection. It shows sellers are still active on higher levels.

Technical Analysis of Hershey Stock Price in 1-D Timeframe

Hershey stock price is trading below the downward-sloping 50-day and 200-day EMA showcasing a downtrend. However, the Hersheyprice has gone far away from the EMAs.

The MACD generated a positive crossover and the histogram is also green but trading sideways indicating neutrality. The RSI at 35 denotes weakness but is near the oversold territory. The current value of RSI is 35.74 points. The 14 SMA is below the median line at 33.16 points which indicates that the Hershey stock price is bearish.

Weekly-Time Horizon Analysis

Hershey stock has shown sellers’ strength on the weekly charts. Moreover, the price is below the key EMAs, which shows further weakness in the stock. The RSI curve is near the oversold region at 30, and a negative outlook was noted, indicating bearishness in the stock. The MACD also persisted to form red bars, and a bearish crossover was noted, which signals corrective moves.

Summary

HSY stock technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend could continue in the HSY stock price. HersheyPrice action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $200.00 and $196.08.
Resistance levels: $221.40 and $233.64.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.