One of the hottest trades of the year might be ready to cool off.
And curiously enough, investors have been digging into one part of the group in particular: food stocks. Shares of Tyson, Campbell, McCormick, Hormel and Kraft Heinz have rallied a respective 22, 18, 10, 8 and 7 percent this year. But according to one technical analyst, Campbell Soup might be a little too hot to touch at current levels.
Worth pointed to the massive move in Campbell Soup, which hit an all-time high late last week, as reason to proceed with caution on the stock.
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"It's taken off and gone parabolic," he said. "Right now the stock is 20 percent above its [150-day moving average] … and in the past, whenever it's gotten to 20 percent above its moving average, it's typically run out of gas.
Campbell is currently up more than 40 percent from its 52-week low hit last March, which, for Worth has taken the stock to a key inflection point.
"The stock is struggling right at its all-time high in 1998," he said. "We think this is where it stops, as the probability of it going higher is about 1 percent," added Worth.