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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 $92.84 and $93.68 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.

Tyson Foods-A share prices have moved between a 52-week high of $94.24 and a 52-week low of $57.09 and closed yesterday at 62% above that low price at $92.30 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

Based on a current price of $92.30, Tyson Foods-A is currently 13.0% above its average consensus analyst price target of $80.33. The stock should find initial support at its 50-day moving average (MA) of $88.88 and further support at its 200-day MA of $83.08.

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 subscribers consider buying shares of Tyson Foods-A on November 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $83.43. Since that recommendation, shares of Tyson Foods-A have risen 12.0%. We continue to monitor TSN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle tyson foods-a

Ticker(s): TSN