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Possible Bearish Inside Day Candle Pattern Detected for BRF - Brasil Foods (NYSE:BRFS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in BRF - Brasil Foods (NYSE:BRFS) based on the price action in the company's shares. Today's price range of $13.65 and $13.74 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 BRF - Brasil Foods may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BRF - Brasil Foods has overhead space with shares priced $13.72, or 16.3% below the average consensus analyst price target of $16.39. BRF - Brasil Foods shares should first meet resistance at the 50-day moving average (MA) of $13.94 and find additional resistance at the 200-day MA of $15.54.

BRF-Brasil Foods SA is a food processor in Latin America. The Company raises chickens to produce poultry products. Brasil Foods also processes frozen pastas, soybeans and their derivatives, and distributes frozen vegetables. The Company's core business is chilled and frozen food. The Company has offices in the Middle East, Asia, and Europe.

BRF - Brasil Foods share prices have moved between a 52-week high of $22.35 and a 52-week low of $11.05 and are now trading 24% above that low price at $13.72 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 0.3%.

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

Keywords: bearish inside day candle brf - brasil foods

Ticker(s): BRFS