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Possible Bearish Inside Day Candle Pattern Detected for Dean Foods (NYSE:DF)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dean Foods (NYSE:DF) based on the price action in the company's shares. Yesterday's price range of $16.23 and $16.53 is within the prior day'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 Dean Foods may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 26.4% exists for Dean Foods, based on a current level of $16.28 and analysts' average consensus price target of $20.57. The stock should run into initial resistance at its 200-day moving average (MA) of $17.97 and subsequent resistance at its 50-day MA of $18.03.

Dean Foods Company is a food and beverage company that produces a full line of Company-branded and private label dairy and dairy-related products. The Company provides products such as milk and milk-based beverages, ice cream, half and half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk. Dean Foods also supplies pickles, juice, juice drinks, and water.

In the past 52 weeks, Dean Foods share prices have been bracketed by a low of $14.56 and a high of $21.17 and closed yesterday at $16.28, 12% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 0.76% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Dean Foods on August 8th, 2016 by issuing a Downtrend alert when the shares were trading at $17.79. Since that call, shares of Dean Foods have fallen 8.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Dean Foods

Ticker(s): DF