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Possible Bearish Inside Day Candle Pattern Detected for Bunge Ltd (NYSE:BG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bunge Ltd (NYSE:BG) based on the price action in the company's shares. Today's price range of $65.73 and $66.25 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 Bunge Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Bunge Ltd has traded in a range of $61.28 to $83.20 and is now at $65.95, 8% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

Potential upside of 29.2% exists for Bunge Ltd, based on a current level of $65.95 and analysts' average consensus price target of $85.20. Bunge Ltd shares should encounter resistance at the 200-day moving average (MA) of $70.80 and support at the 50-day MA of $65.35.

Bunge Limited is a global agribusiness and food company. The Company buys, sells, stores, transports, and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers and consumers. Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and sells fertilizer.

SmarTrend recommended that its subscribers protect gains by selling shares of Bunge Ltd on March 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $75.06. Since that call, shares of Bunge Ltd have fallen 11.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Bunge Ltd

Ticker(s): BG