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 $136.15 and $138.06 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.
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 (NYSE:SJM) is currently priced 6.3% 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, shares of JM Smucker have traded between a low of $104.30 and a high of $157.31 and closed yesterday at $137.83, which is 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.
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 am inside day candle jm smucker