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Possible Bullish Inside Day Candle Pattern Detected for Kellogg (NYSE:K)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kellogg (NYSE:K) based on the price action in the company's shares. Today's price range of $75.15 and $75.48 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 Kellogg may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Kellogg share prices have been bracketed by a low of $61.13 and a high of $87.16 and are now at $75.29, 23% above that low price. The 200-day and 50-day moving averages have moved 0.35% higher and 0.24% higher over the past week, respectively.

Kellogg (NYSE:K) defies analysts with a current price ($75.29) 7.2% above its average consensus price target of $69.87. Kellogg shares should encounter resistance at the 50-day moving average (MA) of $76.02 and support at its 200-day MA of $71.08.

Kellogg Company manufactures and markets ready-to-eat cereal and other convenience foods. The Company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. Kellogg markets its products in the United States, Canada, and other countries throughout the world.

SmarTrend recommended that its subscribers protect gains by selling shares of Kellogg on August 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $81.26. Since that call, shares of Kellogg have fallen 7.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Kellogg

Ticker(s): K