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Possible Bearish Inside Day Candle Pattern Detected for Ingredion Inc (NYSE:INGR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ingredion Inc (NYSE:INGR) based on the price action in the company's shares. Yesterday's price range of $72.02 and $74.67 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 Ingredion Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ingredion Incorporated refines corn and produces sweeteners and starches. The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries. Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

Ingredion Inc (NYSE:INGR) has potential upside of 75.0% based on a current price of $73.72 and analysts' consensus price target of $129.00. Ingredion Inc shares should first meet resistance at the 200-day moving average (MA) of $83.04 and find additional resistance at the 50-day MA of $85.04.

In the past 52 weeks, Ingredion Inc share prices have been bracketed by a low of $59.11 and a high of $106.28 and closed yesterday at $73.72, 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.3%.

SmarTrend is monitoring the recent change of momentum in Ingredion Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ingredion Inc in search of a potential trend change.

Keywords: bearish am inside day candle ingredion inc

Ticker(s): INGR