SmarTrend's Candlestick Scanner Detects Bearish Inside Day Pattern for JM Smucker (SJM)
SmarTrend's candlestick pattern scanner detected a bearish inside day candle pattern for shares of JM Smucker (NYSE: SJM). Yesterday's price range of 59.85 and 60.23 is within the previous day's price range.
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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
SmarTrend issued a Downtrend alert on shares of JM Smucker on February 24, 2010 at $58.94 per share (1.8% retracement since that call). This bearish candle pattern may point to a continuation of the previously called Downtrend.
Write to Chip Brian at cbrian@tradethetrend.com
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