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Possible Bearish Inside Day Candle Pattern Detected for Brady Corp - A (NYSE:BRC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brady Corp - A (NYSE:BRC) based on the price action in the company's shares. Yesterday's price range of $53.71 and $54.49 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 Brady Corp - A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $54.48, Brady Corp - A is currently 20.2% above its average consensus analyst price target of $43.50. The stock should find initial support at its 50-day moving average (MA) of $49.41 and further support at its 200-day MA of $46.86.

Brady Corporation manufactures industrial identification solutions. The Company's products include labels, coated materials, signs, software, printing systems, and data-collection systems. Brady sells its products to a variety of industries around the world, including telecommunications, electrical, electronics, and manufacturing.

In the past 52 weeks, Brady Corp - A share prices have been bracketed by a low of $38.81 and a high of $54.82 and closed yesterday at $54.48, 40% above that low price. The 200-day and 50-day moving averages have moved 0.24% higher and 0.04% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Brady Corp - A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Brady Corp - A in search of a potential trend change.

Keywords: bearish am inside day candle brady corp - a

Ticker(s): BRC