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Possible Bullish Inside Day Candle Pattern Detected for Fresh Del Monte Produce (NYSE:FDP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fresh Del Monte Produce (NYSE:FDP) based on the price action in the company's shares. Yesterday's price range of $49.16 and $50.12 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 Fresh Del Monte Produce may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous fruit, melons, and other fresh produce and non-produce items. The Company grows, distributes, transports, and markets its products worldwide.

Fresh Del Monte Produce (NYSE:FDP) has potential upside of 44.5% based on a current price of $50.06 and analysts' consensus price target of $72.33. The stock should find initial support at its 50-day moving average (MA) of $42.43 and further support at its 200-day MA of $41.10.

Fresh Del Monte Produce share prices have moved between a 52-week high of $66.86 and a 52-week low of $36.07 and closed yesterday at 39% above that low price at $50.06 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Fresh Del Monte Produce on May 2nd, 2017 by issuing a Downtrend alert when the shares were trading at $55.15. Since that call, shares of Fresh Del Monte Produce have fallen 10.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle fresh del monte produce

Ticker(s): FDP