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Possible Bullish Inside Day Candle Pattern Detected for Ingredion Inc (NASDAQ:INGR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ingredion Inc (NASDAQ:INGR) based on the price action in the company's shares. Yesterday's price range of $127.04 and $128.76 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 Ingredion Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ingredion Incorporated refines corn and produces sweeteners and starches. The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries. Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

There is potential upside of 9.1% for shares of Ingredion Inc based on a current price of $128.16 and an average consensus analyst price target of $139.88. The stock should find initial support at its 50-day moving average (MA) of $107.48 and further support at its 200-day MA of $96.18.

In the past 52 weeks, shares of Ingredion Inc have traded between a low of $113.07 and a high of $146.28 and closed yesterday at $128.16, which is 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ingredion Inc on February 1st, 2018 by issuing a Downtrend alert when the shares were trading at $138.15. Since that call, shares of Ingredion Inc have fallen 8.1%. 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 ingredion inc

Ticker(s): INGR