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Possible Bullish Inside Day Candle Pattern Detected for JM Smucker (NYSE:SJM)

By David Diaz

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. Today's price range of $136.26 and $137.06 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 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.

JM Smucker (NYSE:SJM) is currently priced 5.5% 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.

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.

JM Smucker share prices have moved between a 52-week high of $157.31 and a 52-week low of $104.30 and are now trading 31% above that low price at $136.57 per share. The 200-day and 50-day moving averages have moved 0.33% higher and 0.08% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of JM Smucker on August 23rd, 2016 by issuing a Downtrend alert when the shares were trading at $146.18. Since that call, shares of JM Smucker have fallen 7.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle jm smucker

Ticker(s): SJM