Smucker Reaches an Inflection Point
J.M. Smucker (SJM) is more than just jams and jellies -- it markets a wide variety of branded food products, from coffee to condiments. After reporting strong fourth-quarter earnings early last month, the company raised its guidance for fiscal 2013. The direction of the stock price since the report has been erratic, but that indecisiveness may be coming to an end, as it has reached a key inflection point.
The daily chart shows the stock coming off its April high and trading lower within a descending channel. This channel has an approximate $4.00 range and is delineated by three lower high points and three lower low points. The lows fit a very regular 19-trading-day cycle, while the highs have a less defined cycle....258 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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