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

By David Diaz

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 $46.51 and $46.85 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.

Based on a current price of $46.63, ConAgra Foods is currently 3.3% above its average consensus analyst price target of $45.10. The stock should find initial support at its 50-day moving average (MA) of $44.30 and further support at its 200-day MA of $42.19.

In the past 52 weeks, ConAgra Foods share prices have been bracketed by a low of $36.46 and a high of $48.81 and are now at $46.63, 28% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.51% higher over the past week, respectively.

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

Keywords: bearish inside day candle conagra foods

Ticker(s): CAG