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

By Shiri Gupta

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. Yesterday's price range of $64.33 and $66.79 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 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.

Bunge has overhead space with shares priced $66.57, or 22.8% below the average consensus analyst price target of $86.24. The stock should discover initial support at its 200-day moving average (MA) of $65.95 and subsequent support at its 50-day MA of $56.60.

In the past 52 weeks, Bunge share prices have been bracketed by a low of $46.08 and a high of $93.04 and closed yesterday at $66.57, 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.7%.

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 am inside day candle Bunge

Ticker(s): BG