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When we look at the Tyson Foods (NYSE:TSN) chart, we can see a fall from the $94 level to the $88.5 range may now be deemed as support as it managed to climb to the $91 range since then where it consolidated for the remainder of the week.
There was a gap up reaching the $95 range during yesterday's session, but there was an immediate retraction back to the $90 range. However, it climbed from that $90 level and closed strongly at the $92.98, where it was last found trading.
Tyson Foods had scheduled a quarterly earnings announcement yesterday. Both EPS and Revenue exceeded expectations, beating the Q1 estimates. Today we can expect a move close to the $95 range attempting to break the overhead resistance. If, however, it doesn’t manage to hold on to the current level, then a move towards the $90 level can be expected.
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