Let's check the freshness of the charts and indicators.
In the daily bar chart of TSN, below, I see a bearish picture. The shares are trading below the negatively sloped 200-day moving average line. TSN is below the 50-day line in pre-market activity.
The trading volume has been more active in the past three months but the On-Balance-Volume (OBV) line has not responded on the upside. The Moving Average Convergence Divergence (MACD) oscillator is only slightly above the zero line suggesting a lack of trend-strength.
In the weekly Japanese candlestick chart of TSN, below, I see a disappointing picture. The shares are trading below the declining 40-week moving average line.
The weekly OBV line is weak and the MACD oscillator has only managed a cover shorts buy signal.
In this daily Point and Figure chart of TSN, below, I can see an upside price target in the $80 area but a trade at $62.88 or lower is likely to turn the target to the downside.
In this weekly Point and Figure chart of TSN, below, I can see a higher price target in the $94 area but price weakness Monday should start to turn this chart negative.
Bottom-line strategy: Avoid the long side of TSN. New 52-week lows are possible.
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Previously know as Pinduoduo, weak consumer spending has plagued the stock.
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