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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ingredion Inc (NYSE:INGR) based on the price action in the company's shares. Yesterday's price range of $131.20 and $132.63 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.

There is potential upside of 7.0% for shares of Ingredion Inc based on a current price of $131.82 and an average consensus analyst price target of $141.00. The stock should discover initial support at its 50-day moving average (MA) of $107.48 and subsequent support at its 200-day MA of $96.18.

Over the past year, Ingredion Inc has traded in a range of $113.07 to $146.28 and closed yesterday at $131.82, 17% above that low. 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%.

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.

SmarTrend is monitoring the recent change of momentum in Ingredion Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ingredion Inc in search of a potential trend change.

Keywords: bullish am inside day candle ingredion inc

Ticker(s): INGR