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Possible Bullish Inside Day Candle Pattern Detected for Sonoco Products (NYSE:SON)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sonoco Products (NYSE:SON) based on the price action in the company's shares. Yesterday's price range of $55.75 and $56.24 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 Sonoco Products may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sonoco Products (NYSE:SON) is currently priced 6.7% above its average consensus analyst price target of $52.33. The stock should run into initial resistance at its 200-day moving average (MA) of $59.47 and subsequent resistance at its 50-day MA of $62.87.

Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world. The Company's products include flexible packaging, high density film products, and folding cartons. Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement.

In the past 52 weeks, Sonoco Products share prices have been bracketed by a low of $50.30 and a high of $66.57 and closed yesterday at $56.10, 12% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Sonoco Products on July 18th, 2019 by issuing a Downtrend alert when the shares were trading at $61.72. Since that call, shares of Sonoco Products have fallen 10.1%. 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 sonoco products

Ticker(s): SON