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Possible Bullish Inside Day Candle Pattern Detected for Mead Johnson Nutrition (NYSE:MJN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mead Johnson Nutrition (NYSE:MJN) based on the price action in the company's shares. Yesterday's price range of $84.45 and $86.32 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 Mead Johnson Nutrition 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, shares of Mead Johnson Nutrition have traded between a low of $65.53 and a high of $98.34 and closed yesterday at $86.27, which is 32% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 1.19% higher over the past week, respectively.

Mead Johnson Nutrition (NYSE:MJN) has potential upside of 1.3% based on a current price of $86.27 and analysts' consensus price target of $87.36. The stock should discover initial support at its 50-day moving average (MA) of $81.72 and subsequent support at its 200-day MA of $78.60.

Mead Johnson Nutrition Company manufactures nutritional products for infants, children, and expectant and nursing mothers. The Company markets its products in North America, Latin America, Europe and Asia.

SmarTrend recommended that subscribers consider buying shares of Mead Johnson Nutrition on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $74.09. Since that recommendation, shares of Mead Johnson Nutrition have risen 13.9%. We continue to monitor MJN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Mead Johnson Nutrition

Ticker(s): MJN