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

By James Quinn

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. Yesterday's price range of $46.34 and $46.84 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 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 share prices have moved between a 52-week high of $48.81 and a 52-week low of $36.46 and closed yesterday at 28% above that low price at $46.65 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

Based on a current price of $46.65, ConAgra Foods is currently 3.3% above its average consensus analyst price target of $45.10. ConAgra Foods shares have support at the 50-day moving average (MA) of $44.30 and additional support at the 200-day MA of $42.19.

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 am inside day candle conagra foods

Ticker(s): CAG