• Return to Headlines

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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in JM Smucker (NYSE:SJM) based on the price action in the company's shares. Yesterday's price range of $129.98 and $131.18 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 JM Smucker may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $130.46, JM Smucker is currently 1.0% above its average consensus analyst price target of $129.10. The stock should find initial support at its 50-day moving average (MA) of $128.18 and further support at its 200-day MA of $120.65.

The J. M. 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.

Over the past year, JM Smucker has traded in a range of $104.30 to $132.64 and closed yesterday at $130.46, 25% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of JM Smucker on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $126.26. Since that recommendation, shares of JM Smucker have risen 4.0%. We continue to monitor SJM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle jm smucker

Ticker(s): SJM