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

By Nick Russo

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 $41.06 and $41.22 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.

Over the past year, ConAgra Foods has traded in a range of $33.61 to $48.86 and is now at $41.21, 23% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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.

Potential upside of 1.8% exists for ConAgra Foods, based on a current level of $41.21 and analysts' average consensus price target of $41.93. The stock should find initial resistance at its 200-day moving average (MA) of $42.19 and further resistance at its 50-day MA of $44.30.

SmarTrend is tracking the current trend status for ConAgra Foods and will alert subscribers who have CAG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle conagra foods

Ticker(s): CAG