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Possible Bearish Inside Day Candle Pattern Detected for Jm Smucker Co (NYSE:SJM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Jm Smucker Co (NYSE:SJM) based on the price action in the company's shares. Today's price range of $116.13 and $116.13 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 Jm Smucker Co 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, Jm Smucker Co has traded in a range of $91.32 to $126.86 and is now at $116.13, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

There is potential upside of 10.0% for shares of Jm Smucker Co based on a current price of $116.13 and an average consensus analyst price target of $127.71. The stock should find initial support at its 200-day moving average (MA) of $105.85 and further support at its 50-day MA of $104.60.

The JM Smucker Company manufactures and markets food products on a worldwide basis. The Company's principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.

SmarTrend recommended that subscribers consider buying shares of Jm Smucker Co on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $98.78. Since that recommendation, shares of Jm Smucker Co have risen 17.4%. We continue to monitor SJM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle jm smucker co

Ticker(s): SJM