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Possible Bullish Inside Day Candle Pattern Detected for PepsiCo (NYSE:PEP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PepsiCo (NYSE:PEP) based on the price action in the company's shares. Today's price range of $107.46 and $107.91 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 PepsiCo 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 PepsiCo have traded between a low of $76.48 and a high of $110.94 and are now at $107.52, which is 41% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

PepsiCo (NYSE:PEP) defies analysts with a current price ($107.52) 1.4% above its average consensus price target of $106.00. The stock should find initial support at its 50-day moving average (MA) of $101.96 and further support at its 200-day MA of $98.71.

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufacture or uses contract manufacturers, market and sell a variety of grain-based snacks, carbonated and non-carbonated beverages and foods in countries throughout the world.

SmarTrend recommended that subscribers consider buying shares of PepsiCo on March 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $101.46. Since that recommendation, shares of PepsiCo have risen 5.9%. We continue to monitor PEP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle PepsiCo

Ticker(s): PEP