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Possible Bearish Inside Day Candle Pattern Detected for Conagra Brands I (NYSE:CAG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Conagra Brands I (NYSE:CAG) based on the price action in the company's shares. Yesterday's price range of $32.54 and $33.02 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. Owners of Conagra Brands I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Conagra Brands, Inc. manufactures and markets packaged foods for retail consumers, restaurants, and institutions. The Company offers meals, entrees, condiments, sides, snacks, specialty potatoes, milled grain ingredients, dehydrated vegetables and seasonings, and blends and flavors.

In the past 52 weeks, shares of Conagra Brands I have traded between a low of $20.81 and a high of $35.59 and closed yesterday at $32.71, which is 57% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

There is potential upside of 26.8% for shares of Conagra Brands I based on a current price of $32.71 and an average consensus analyst price target of $41.46. The stock should discover initial support at its 50-day moving average (MA) of $30.56 and subsequent support at its 200-day MA of $29.20.

SmarTrend recommended that subscribers consider buying shares of Conagra Brands I on November 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.40. Since that recommendation, shares of Conagra Brands I have risen 13.3%. We continue to monitor CAG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle conagra brands i

Ticker(s): CAG