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Possible Bullish Inside Day Candle Pattern Detected for Bunge (NYSE:BG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Bunge (NYSE:BG) based on the price action in the company's shares. Today's price range of $57.67 and $58.11 is within yesterday'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 Bunge may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 49.3% for shares of Bunge based on a current price of $57.77 and an average consensus analyst price target of $86.24. The stock should find resistance at its 200-day moving average (MA) of $65.95, as well as support at its 50-day MA of $56.60.

Bunge share prices have moved between a 52-week high of $93.04 and a 52-week low of $46.08 and are now trading 25% above that low price at $57.77 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.8%.

Bunge Limited is an integrated global agribusiness and food company spanning the farm-to-consumer food chain. The Company processes soybeans, produces and supplies fertilizer, manufactures edible oils and shortenings, mills dry corn and wheat, manufactures isolated soybean protein, and produces other food products. Bunge has primary operations in North and South America.

SmarTrend is monitoring the recent change of momentum in Bunge. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Bunge in search of a potential trend change.

Keywords: bullish inside day candle Bunge

Ticker(s): BG