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Possible Bullish Inside Day Candle Pattern Detected for Conagra Brands I (NYSE:CAG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Conagra Brands I (NYSE:CAG) based on the price action in the company's shares. Yesterday's price range of $32.14 and $32.38 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 Conagra Brands 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.

Conagra Brands, Inc. manufactures and markets packaged foods for retail consumers, restaurants, and institutions. The Company offers meals, entrees, condiments, sides, snacks, specialty potatoes, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

In the past 52 weeks, Conagra Brands I share prices have been bracketed by a low of $21.26 and a high of $35.59 and closed yesterday at $32.67, 54% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Conagra Brands I has overhead space with shares priced $32.67, or 21.2% below the average consensus analyst price target of $41.46. The stock should discover initial support at its 50-day moving average (MA) of $31.51 and subsequent support at its 200-day MA of $29.37.

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

Keywords: bullish am inside day candle conagra brands i

Ticker(s): CAG