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Possible Bearish Inside Day Candle Pattern Detected for Alexander & Baldwin (NYSE:ALEX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alexander & Baldwin (NYSE:ALEX) based on the price action in the company's shares. Yesterday's price range of $44.41 and $44.94 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 Alexander & Baldwin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Alexander & Baldwin have traded between a low of $28.82 and a high of $46.43 and closed yesterday at $44.64, which is 55% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Alexander & Baldwin has overhead space with shares priced $44.64, or 18.8% below the average consensus analyst price target of $55.00. The stock should discover initial support at its 50-day moving average (MA) of $36.40 and subsequent support at its 200-day MA of $35.46.

Alexander & Baldwin, Inc., through its subsidiaries, is involved in ocean transportation, property development and management, and food products businesses. The Company carries freight, primarily between various United States Pacific Coast ports, Hawaii ports, and Guam. Alexander also develops real property in Hawaii and on the mainland, as well as grows sugar cane and coffee.

SmarTrend recommended that subscribers consider buying shares of Alexander & Baldwin on October 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.20. Since that recommendation, shares of Alexander & Baldwin have risen 11.9%. We continue to monitor ALEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle alexander & baldwin

Ticker(s): ALEX