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Possible Bearish Inside Day Candle Pattern Detected for Agrium (NYSE:AGU)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Agrium (NYSE:AGU) based on the price action in the company's shares. Today's price range of $95.32 and $96.18 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Agrium may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Agrium share prices have moved between a 52-week high of $110.21 and a 52-week low of $79.94 and are now trading 19% above that low price at $95.43 per share. The 200-day and 50-day moving averages have moved 0.43% lower and 0.26% higher over the past week, respectively.

Agrium Inc. supplies nitrogen, potash and phosphate for agricultural, industrial, and specialty use. The Company operates throughout the America's while it markets its products globally.

There is potential upside of 13.5% for shares of Agrium based on a current price of $95.43 and an average consensus analyst price target of $108.36. The stock should find initial support at its 200-day moving average (MA) of $92.43 and further support at its 50-day MA of $87.53.

SmarTrend is monitoring the recent change of momentum in Agrium. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Agrium in search of a potential trend change.

Keywords: bearish inside day candle Agrium

Ticker(s): AGU