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Possible Bearish Inside Day Candle Pattern Detected for Constellation-A (NYSE:STZ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Constellation-A (NYSE:STZ) based on the price action in the company's shares. Yesterday's price range of $189.69 and $190.78 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 Constellation-A 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, shares of Constellation-A have traded between a low of $157.14 and a high of $214.48 and closed yesterday at $190.85, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Constellation-A has overhead space with shares priced $190.85, or 24.7% below the average consensus analyst price target of $253.29. The stock should hit resistance at its 200-day moving average (MA) of $194.69, as well as support at its 50-day MA of $185.96.

Constellation Brands, Inc. produces and markets alcoholic beverages in North America, Europe, and Australia, and New Zealand. The Company has a portfolio of brands across the wine, imported beer, and distilled spirits categories. Constellation conducts its business through wholly owned subsidiaries as well as through a variety of joint ventures with various other entities.

SmarTrend is tracking the current trend status for Constellation-A and will alert subscribers who have STZ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle constellation-a

Ticker(s): STZ