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Possible Bearish Inside Day Candle Pattern Detected for ConAgra Foods (NYSE:CAG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ConAgra Foods (NYSE:CAG) based on the price action in the company's shares. Today's price range of $44.48 and $44.84 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 Foods may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ConAgra Foods, Inc. manufactures and markets packaged foods for retail consumers, restaurants and institutions. The Company offers a wide range of food products, including meals, entrees, condiments, sides, snacks, specialty potato products, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

ConAgra Foods (NYSE:CAG) has potential upside of 0.8% based on a current price of $44.72 and analysts' consensus price target of $45.10. ConAgra Foods shares have support at the 50-day moving average (MA) of $43.96 and additional support at the 200-day MA of $42.18.

In the past 52 weeks, shares of ConAgra Foods have traded between a low of $35.98 and a high of $46.64 and are now at $44.72, which is 24% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend recommended that subscribers consider buying shares of ConAgra Foods on February 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.40. Since that recommendation, shares of ConAgra Foods have risen 8.4%. We continue to monitor CAG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle conagra foods

Ticker(s): CAG