Possible Bearish Inside Day Candle Pattern Detected for Tyson Foods (NYSE:TSN)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tyson Foods (NYSE:TSN) based on the price action in the company's shares. Yesterday's price range of $60.72 and $61.48 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Tyson Foods (NYSE:TSN) is currently priced 11.0% above its average consensus analyst price target of $54.50. The stock should hit resistance at its 50-day moving average (MA) of $66.28, as well as support at its 200-day MA of $52.61.
Over the past year, Tyson Foods has traded in a range of $39.05 to $70.44 and closed yesterday at $61.22, 57% above that low. The 200-day and 50-day moving averages have moved 0.90% higher and 0.27% higher over the past week, respectively.
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 on June 2nd, 2016 by issuing a Downtrend alert when the shares were trading at $63.45. Since that call, shares of Tyson Foods have fallen 3.5%. 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