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Possible Bearish Inside Day Candle Pattern Detected for Tyson Foods-A (NYSE:TSN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tyson Foods-A (NYSE:TSN) based on the price action in the company's shares. Yesterday's price range of $65.89 and $66.85 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 Tyson Foods-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 26.9% exists for Tyson Foods-A, based on a current level of $66.66 and analysts' average consensus price target of $84.61. The stock should discover initial support at its 50-day moving average (MA) of $66.28 and subsequent support at its 200-day MA of $52.61.

Over the past year, Tyson Foods-A has traded in a range of $55.72 to $84.65 and closed yesterday at $66.66, 20% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 0.3%.

Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork, prepared foods, and related allied products. The Company's products are marketed and sold to national and regional grocery retailers, regional grocery wholesalers, meat distributors, warehouse club stores, military commissaries, and industrial food processing companies.

SmarTrend recommended that its subscribers protect gains by selling shares of Tyson Foods-A on January 18th, 2018 by issuing a Downtrend alert when the shares were trading at $78.73. Since that call, shares of Tyson Foods-A have fallen 14.6%. 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 tyson foods-a

Ticker(s): TSN