Was Ingredion Crazy to Drop Corn From It’s Name?
- Posted by Greg Harmon
- on August 13th, 2012
The rise in Corn prices has been one of the major themes of the year. Yet one company, Ingredion, $INGR, did what could be considered the unthinkable in that environment. They changed their name to Ingredion from Corn Products on June 4th. A fatal blow? Not really. Look at the charts.
From a low on July 17 at 45.30 the stock has risen to over 52 and is now making a bull flag and an ascending triangle with tops at 53 and targets on a breakout higher to 56 and 60.70. The bullish Relative strength Index (RSI) and positive Moving Average Convergence Divergence indicator (MACD) both support a further move higher. But it does not end there. The weekly chart exhibits the same bull flag but adds upside reinforcement from a MACD that is crossing to positive, and a Measured Move to 67.80 from the higher low. And the non-time dependent 3-box reversal Point and Figure chart, PnF, shown below, carries a bullish price objective of 68. Perhaps the move is just what was needed.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
blog comments powered by Disqus-
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)

