J.M. Smucker turned up on several bullish scans late Thursday, both short term and long term. When you look at the charts, you'll quickly see why I share that optimism. Right now, everything about Smucker's daily chart is bullish except for the price. Some may take "except for the price" as a negative, but it's not. What that means is that a slew of indicators have turned bullish before the price pattern, which is a type of bullish divergence.
Momentum and trend are both bullish with Smucker's, as demonstrated by the longer 14-period RSI well above 50, the MACD crossing over bullishly here and the Ultimate Oscillator above 50 as well. That last measure is a momentum indicator that melds together shorter-, medium- and longer-term moving averages, taking into account buying pressure along with a stock's True Range. Notice that on SJM, the stock has avoided any significant correction as long as the Ultimate Oscillator has remained over 50.
As far as price goes, yesterday's close could be seen as a breakout from the recent trading channel, depending on how you draw your resistance line. My view would be to play this conservatively and use the line I have on the chart here. That means we need to see just a little more upside -- just a quarter or so -- to trigger a price breakout. Support is just above $114, and a close under $114 should be hedged on the long side or even closed, as the next level would be $108. The upside here is $122 minimally, but I would be looking for something more along the lines of the high $120s before additional consolidation.