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Possible Bearish Inside Day Candle Pattern Detected for Conagra Brands I (NYSE:CAG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Conagra Brands I (NYSE:CAG) based on the price action in the company's shares. Today's price range of $27.40 and $27.40 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 Conagra Brands I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Conagra Brands I share prices have been bracketed by a low of $20.22 and a high of $39.43 and are now at $27.40, 36% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

There is potential upside of 51.3% for shares of Conagra Brands I based on a current price of $27.40 and an average consensus analyst price target of $41.46. The stock should hit resistance at its 200-day moving average (MA) of $31.34, as well as support at its 50-day MA of $22.74.

Conagra Brands, Inc. manufactures and markets packaged foods for retail consumers, restaurants, and institutions. The Company offers meals, entrees, condiments, sides, snacks, specialty potatoes, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

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

Keywords: bearish inside day candle conagra brands i

Ticker(s): CAG