MrNow - SAFM and PPC
I've been watching these two poultry stocks get crushed on concerns about bird flu and what has been coined "the protein glut". I had expected them to continue to trade flat/down until the bird flu actually hit our shores, at which point I suspected they'd sell off sharply and give me a great entry point. So I'm surprised to see there's now an underlying bid for them.
Over the past week or so, they've both broken out on the upside and are trading above their 50 DMA. Volume has also increased for both. How significant is the double bottom in March and April for SAFM? Which of these charts look best from a technical perspective? From a technical perspective, is it safe to jump in now or is it more prudent to wait and hope for a pullback?
I'm looking at these only as a short term trading opportunity as I still think when bird flu hits our shores, they get sold off sharply. Your perspective about the technical aspects of these charts is appreciated. Thanks.
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