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

By Nick Russo

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 $40.36 and $40.63 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.

Potential upside of 3.5% exists for ConAgra Foods, based on a current level of $40.50 and analysts' average consensus price target of $41.93. ConAgra Foods shares should first meet resistance at the 200-day moving average (MA) of $42.19 and find additional resistance at the 50-day MA of $44.30.

In the past 52 weeks, shares of ConAgra Foods have traded between a low of $33.61 and a high of $48.86 and are now at $40.50, which is 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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

Keywords: bullish inside day candle conagra foods

Ticker(s): CAG