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

By Amy Schwartz

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 $36.42 and $36.92 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.

There is potential upside of 14.0% for shares of Conagra Brands I based on a current price of $36.61 and an average consensus analyst price target of $41.73. The stock should run into initial resistance at its 200-day moving average (MA) of $42.19 and subsequent resistance at its 50-day MA of $44.30.

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.

Over the past year, Conagra Brands I has traded in a range of $32.16 to $41.68 and closed yesterday at $36.61, 14% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

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

Keywords: bullish am inside day candle conagra brands i

Ticker(s): CAG