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Possible Bearish Inside Day Candle Pattern Detected for Brunswick Corp (NYSE:BC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Brunswick Corp (NYSE:BC) based on the price action in the company's shares. Today's price range of $46.74 and $47.32 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 Brunswick Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Brunswick Corporation manufactures consumer products serving the outdoor and indoor active recreation markets. The Company's products include sterndrives, outboard, and inboard marine engines, fitness, billiards, and bowling equipment. Brunswick also manufactures pleasure, fishing, and high performance boats.

Over the past year, Brunswick Corp has traded in a range of $41.02 to $69.82 and is now at $46.74, 14% above that low. The 200-day and 50-day moving averages have moved 0.6% lower and 0.67% lower over the past week, respectively.

Potential upside of 52.2% exists for Brunswick Corp, based on a current level of $46.74 and analysts' average consensus price target of $71.13. The stock should hit resistance at its 200-day moving average (MA) of $50.61, as well as support at its 50-day MA of $45.90.

SmarTrend recommended that subscribers consider buying shares of Brunswick Corp on June 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.77. Since that recommendation, shares of Brunswick Corp have risen 3.9%. We continue to monitor BC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle brunswick corp

Ticker(s): BC