ConAgra Reaches Major High

Today's high-volume gain has pushed shares of ConAgra (CAG) past their 2005 peak. CAG is up more than 2% and trading above $30, putting it at its best levels since 1999. This extends a powerful bull run the stock has been tracing out since the July lows. With today's rally, CAG is up more than 25% in less than five months -- a huge move for this company.

ConAgra (CAG) Source: TradeStation View Chart » View in New Window »

I have been long CAG through most of this run and I remain bullish, but I am taking some profits today near the 2005 highs. I expect this area to offer resistance in the near term despite today's aggressive buying. I viewed this level as a significant target following the Ralcorp (RAH) announcement, and I will stick with my plan. A pullback in the coming weeks will work off some of the overbought condition. A key support level is the October highs just below $29.

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