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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 $59.05 and $59.28 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.

In the past 52 weeks, Bemis Co share prices have been bracketed by a low of $40.86 and a high of $59.85 and are now at $59.28, 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.8%.

Bemis Co (NYSE:BMS) is currently priced 20.2% above its average consensus analyst price target of $47.33. The stock should find initial support at its 50-day moving average (MA) of $54.94 and further support at its 200-day MA of $49.54.

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.

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 26.2%. 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