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Possible Bullish Inside Day Candle Pattern Detected for ConAgra Foods (NYSE:CAG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ConAgra Foods (NYSE:CAG) based on the price action in the company's shares. Today's price range of $46.34 and $46.79 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 ConAgra Foods 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 Foods, Inc. manufactures and markets packaged foods for retail consumers, restaurants and institutions. The Company offers a wide range of food products, including meals, entrees, condiments, sides, snacks, specialty potato products, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

ConAgra Foods (NYSE:CAG) is currently priced 3.6% above its average consensus analyst price target of $45.10. The stock should find initial support at its 50-day moving average (MA) of $44.30 and further support at its 200-day MA of $42.19.

In the past 52 weeks, ConAgra Foods share prices have been bracketed by a low of $36.46 and a high of $48.81 and are now at $46.77, 28% above that low price. 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 recommended that subscribers consider buying shares of ConAgra Foods on February 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.40. Since that recommendation, shares of ConAgra Foods have risen 11.9%. We continue to monitor CAG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle conagra foods

Ticker(s): CAG