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Possible Bearish Inside Day Candle Pattern Detected for Bemis Co (NYSE:BMS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bemis Co (NYSE:BMS) based on the price action in the company's shares. Today's price range of $56.87 and $56.87 is within yesterday'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 Bemis Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bemis Co (NYSE:BMS) is currently priced 16.8% above its average consensus analyst price target of $47.33. Bemis Co shares have support at the 50-day moving average (MA) of $53.36 and additional support at the 200-day MA of $48.51.

Bemis Company, Inc. manufactures and sells packaging products in the United States, Brazil, other Americas, Europe, and the Asia-Pacific. It operates through three segments: U.S. Packaging, Latin America Packaging, and Rest of World Packaging.

In the past 52 weeks, Bemis Co share prices have been bracketed by a low of $40.86 and a high of $56.97 and are now at $56.87, 39% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of Bemis Co on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.17. Since that recommendation, shares of Bemis Co have risen 20.7%. We continue to monitor BMS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle bemis co

Ticker(s): BMS