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Possible Bullish Inside Day Candle Pattern Detected for Hershey (NYSE:HSY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hershey (NYSE:HSY) based on the price action in the company's shares. Today's price range of $96.29 and $97.19 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 Hershey may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Hershey Company manufactures chocolate and sugar confectionery products. The Company's principal products include confectionery and snack products; gum and mint refreshment products; and food and beverage enhancers such as baking ingredients, toppings and beverages.

Over the past year, Hershey has traded in a range of $82.41 to $98.49 and is now at $96.98, 18% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Hershey (NYSE:HSY) defies analysts with a current price ($96.98) 4.4% above its average consensus price target of $92.67. The stock should discover initial support at its 50-day moving average (MA) of $91.90 and subsequent support at its 200-day MA of $90.20.

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

Keywords: bullish inside day candle Hershey

Ticker(s): HSY