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Possible Bullish Inside Day Candle Pattern Detected for Calavo Growers I (NASDAQ:CVGW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Calavo Growers I (NASDAQ:CVGW) based on the price action in the company's shares. Yesterday's price range of $91.55 and $93.97 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 Calavo Growers I may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Calavo Growers I share prices have been bracketed by a low of $48.75 and a high of $102.85 and closed yesterday at $93.70, 92% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

Calavo Growers, Inc. procures and markets avocados and other perishable foods, and prepares and distributes processed avocado products. The Company delivers a wide array of fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants on a worldwide basis.

Calavo Growers I (NASDAQ:CVGW) is currently priced 1.3% above its average consensus analyst price target of $92.50. The stock should discover initial support at its 50-day moving average (MA) of $55.25 and subsequent support at its 200-day MA of $52.17.

SmarTrend is tracking the current trend status for Calavo Growers I and will alert subscribers who have CVGW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle calavo growers i

Ticker(s): CVGW