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Possible Bearish Inside Day Candle Pattern Detected for Kellogg Co (NYSE:K)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kellogg Co (NYSE:K) based on the price action in the company's shares. Today's price range of $70.58 and $71.10 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 Kellogg Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kellogg Co (NYSE:K) is currently priced 1.2% above its average consensus analyst price target of $69.79. The stock should discover initial support at its 50-day moving average (MA) of $65.25 and subsequent support at its 200-day MA of $65.08.

Kellogg Company manufactures and markets ready-to-eat cereal and other convenience foods. The Company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles, and veggie foods. Kellogg markets its products in the United States, Canada, and other countries throughout the world.

Over the past year, Kellogg Co has traded in a range of $56.40 to $72.24 and is now at $70.61, 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 advanced 1.8%.

SmarTrend recommended that subscribers consider buying shares of Kellogg Co on May 11th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.30. Since that recommendation, shares of Kellogg Co have risen 16.1%. We continue to monitor K for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle kellogg co

Ticker(s): K