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Possible Bullish Inside Day Candle Pattern Detected for International Flavors & Fragrances (NYSE:IFF)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in International Flavors & Fragrances (NYSE:IFF) based on the price action in the company's shares. Today's price range of $119.60 and $120.99 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 International Flavors & Fragrances may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

International Flavors & Fragrances Inc. creates and manufactures flavor and fragrance products. The Company's fragrance products are sold to manufacturers of perfumes, cosmetics, soaps and detergents, and its flavor products to manufacturers of prepared foods, beverages, dairy foods, pharmaceuticals, and confectionery products.

International Flavors & Fragrances (NYSE:IFF) has potential upside of 6.7% based on a current price of $120.35 and analysts' consensus price target of $128.38. The stock should discover initial support at its 50-day moving average (MA) of $114.45 and subsequent support at its 200-day MA of $113.58.

Over the past year, International Flavors & Fragrances has traded in a range of $97.24 to $131.30 and is now at $120.35, 24% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

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

Keywords: bullish inside day candle international flavors & fragrances

Ticker(s): IFF