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Possible Bearish Inside Day Candle Pattern Detected for Syngenta (NYSE:SYT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Syngenta (NYSE:SYT) based on the price action in the company's shares. Yesterday's price range of $77.00 and $77.23 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 Syngenta may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Syngenta (NYSE:SYT) is currently priced 4.2% above its average consensus analyst price target of $73.92. Syngenta shares should encounter resistance at the 50-day moving average (MA) of $82.31 and support at its 200-day MA of $75.81.

Over the past year, Syngenta has traded in a range of $61.61 to $98.15 and closed yesterday at $77.20, 25% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Syngenta and will alert subscribers who have SYT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle syngenta

Ticker(s): SYT