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Possible Bearish Inside Day Candle Pattern Detected for Ingredion Inc (NYSE:INGR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ingredion Inc (NYSE:INGR) based on the price action in the company's shares. Yesterday's price range of $112.94 and $114.46 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 Ingredion Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ingredion Inc has overhead space with shares priced $114.44, or 11.3% below the average consensus analyst price target of $129.00. The stock should find initial resistance at its 50-day moving average (MA) of $117.59 and further resistance at its 200-day MA of $127.87.

Ingredion Incorporated refines corn and produces sweeteners and starches. The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries. Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

In the past 52 weeks, Ingredion Inc share prices have been bracketed by a low of $107.77 and a high of $146.28 and closed yesterday at $114.44, 6% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.72% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ingredion Inc on March 28th, 2018 by issuing a Downtrend alert when the shares were trading at $127.49. Since that call, shares of Ingredion Inc have fallen 9.9%. 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 ingredion inc

Ticker(s): INGR