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Possible Bullish Inside Day Candle Pattern Detected for B&G Foods Inc (NYSE:BGS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in B&G Foods Inc (NYSE:BGS) based on the price action in the company's shares. Yesterday's price range of $16.36 and $16.74 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. Traders and investors interested in shares of B&G Foods Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

B&G Foods Inc. manufactures, sells, and distributes shelf-stable foods across North America. The Company sells and distributes its products through supermarket warehouses, distributors, mass merchants, catalogs, and other sales channels. B&G sells foods such as salsa, maple syrup, pickles, baked beans, liquid smoke, meat spreads, and vinegars under its own brands.

B&G Foods Inc share prices have moved between a 52-week high of $31.60 and a 52-week low of $16.21 and closed yesterday at 2% above that low price at $16.58 per share. The 200-day and 50-day moving averages have moved 1.14% lower and 0.67% lower over the past week, respectively.

B&G Foods Inc (NYSE:BGS) has potential upside of 94.3% based on a current price of $16.58 and analysts' consensus price target of $32.22. The stock should run into initial resistance at its 50-day moving average (MA) of $18.73 and subsequent resistance at its 200-day MA of $22.70.

SmarTrend is tracking the current trend status for B&G Foods Inc and will alert subscribers who have BGS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle b&g foods inc

Ticker(s): BGS