ConAgra Formed a Bearish Engulfing Candle

New York, November 30th (TradersHuddle.com) - Shares of ConAgra Foods, Inc. (NYSE:CAG) ended the trading session lower by $0.06 or -0.2% from its previous close. ConAgra's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

ConAgra Foods, Inc. (NYSE:CAG) manufactures and markets packaged foods for retail consumers, restaurants and institutions. The Company offers a wide range of food products under several brand names including Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, PAM, Peter Pan, and Slim Jim.

ConAgra's current stock range is determined by calculated support defined at $23.64 and by the resistance level at $29.81, which should be used by traders planning their next move.

If traders want to establish a position in ConAgra, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor ConAgra for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

{loadposition googlink}