Possible Bearish Inside Day Candle Pattern Detected for ConAgra Foods (NYSE:CAG)
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 $47.99 and $48.29 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.
In the past 52 weeks, shares of ConAgra Foods have traded between a low of $36.46 and a high of $48.81 and are now at $48.09, which is 32% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.
Based on a current price of $48.09, ConAgra Foods is currently 6.2% above its average consensus analyst price target of $45.10. ConAgra Foods shares have support at the 50-day moving average (MA) of $44.30 and additional support at the 200-day MA of $42.19.
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 16.7%. 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