Microsoft Corp (MSFT)

[ITMS]

Conagra Brands $CAG Sinks After Earnings, Here's The Trade

This morning, leading food company, Conagra Brands Inc (NYSE:CAG), is trading lower by more than 6.0 percent after reporting earnings. Traders should note that CAG stock is now trading below its important 200-week moving average. This is very negative formation for the shares near term and will usually indicate lower prices ahead for the stock. The next key support level will be around the $30.00 area. This important support level was defended in February 2016 and would likely be defended again when initially retested. It will be important to see the chart pattern when the stock trades down to this support level. As you know, most of the leading food stocks have come under selling pressure over the past year and this trend does not look like it will change anytime soon.




Nicholas Santiago
InTheMoneyStocks