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Possible Bearish Inside Day Candle Pattern Detected for Jm Smucker Co (NYSE:SJM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Jm Smucker Co (NYSE:SJM) based on the price action in the company's shares. Yesterday's price range of $102.96 and $103.54 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 Jm Smucker Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The JM Smucker Company manufactures and markets food products on a worldwide basis. The Company's principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.

In the past 52 weeks, shares of Jm Smucker Co have traded between a low of $94.51 and a high of $128.43 and closed yesterday at $102.08, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Jm Smucker Co has overhead space with shares priced $102.08, or 20.1% below the average consensus analyst price target of $127.71. The stock should find initial resistance at its 50-day moving average (MA) of $105.06 and further resistance at its 200-day MA of $112.95.

SmarTrend recommended that its subscribers protect gains by selling shares of Jm Smucker Co on May 31st, 2019 by issuing a Downtrend alert when the shares were trading at $120.56. Since that call, shares of Jm Smucker Co have fallen 14.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle jm smucker co

Ticker(s): SJM