Possible Bearish Inside Day Candle Pattern Detected for Cia de Bebidas das Americas (NYSE:ABV)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cia de Bebidas das Americas (NYSE:ABV) based on the price action in the company's shares. Today's price range of $36.67 and $37.13 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 Cia de Bebidas das Americas may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Over the past year, Cia de Bebidas das Americas has traded in a range of $33.25 to $47.17 and is now at $36.95, 11% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.
Cia de Bebidas das Americas has overhead space with shares priced $36.95, or 16.1% below the average consensus analyst price target of $44.02. The stock should hit resistance at its 200-day moving average (MA) of $40.52, as well as support at its 50-day MA of $36.21.
Companhia de Bebidas das Americas (AmBev) produces beer, soft drinks, teas, mineral water, and sports drinks. The Company's main brands are Antarctica, Brahma, and Skol. AmBev is the sole distributor of Pepsi products in Brazil.
SmarTrend is monitoring the recent change of momentum in Cia de Bebidas das Americas. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cia de Bebidas das Americas in search of a potential trend change.
Keywords: bearish inside day candle cia de bebidas das americas