Possible Bullish Inside Day Candle Pattern Detected for JM Smucker (NYSE:SJM)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in JM Smucker (NYSE:SJM) based on the price action in the company's shares. Yesterday's price range of $151.94 and $152.80 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 JM Smucker may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Based on a current price of $152.68, JM Smucker is currently 15.4% above its average consensus analyst price target of $129.10. JM Smucker shares have support at the 50-day moving average (MA) of $128.18 and additional support at the 200-day MA of $120.65.
In the past 52 weeks, JM Smucker share prices have been bracketed by a low of $104.30 and a high of $154.71 and closed yesterday at $152.68, 46% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.
The J. M. Smucker Company manufactures and markets food products on a worldwide basis. The Company's principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.
SmarTrend recommended that subscribers consider buying shares of JM Smucker on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $126.26. Since that recommendation, shares of JM Smucker have risen 20.3%. We continue to monitor SJM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle jm smucker