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

By David Diaz

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 $103.01 and $104.01 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 24.5% for shares of Ingredion Inc based on a current price of $103.62 and an average consensus analyst price target of $129.00. Ingredion Inc shares should encounter resistance at the 200-day moving average (MA) of $119.54 and support at the 50-day MA of $100.64.

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.

Over the past year, Ingredion Inc has traded in a range of $95.01 to $146.28 and closed yesterday at $103.62, 9% above that low. The 200-day and 50-day moving averages have moved 0.44% lower and 0.05% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ingredion Inc on March 28th, 2018 by issuing a Downtrend alert when the shares were trading at $127.49. Since that call, shares of Ingredion Inc have fallen 19.4%. 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