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Possible Bearish Inside Day Candle Pattern Detected for Coty Inc-Cl A (NYSE:COTY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Coty Inc-Cl A (NYSE:COTY) based on the price action in the company's shares. Today's price range of $14.22 and $14.43 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 Coty Inc-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Coty Inc-Cl A has overhead space with shares priced $14.22, or 19.9% below the average consensus analyst price target of $17.76. The stock should run into initial resistance at its 50-day moving average (MA) of $15.39 and subsequent resistance at its 200-day MA of $17.40.

Over the past year, Coty Inc-Cl A has traded in a range of $12.92 to $21.68 and is now at $14.22, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.5% while the 200-day MA has slid 0.3%.

Coty, Inc. manufactures and distributes beauty products. The Company offers fragrances, color cosmetics, hygiene, sun care, and skin treatment products. Coty supplies its products to department stores, specialty retailers, mass-market retailers, and duty free shops in airports worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Coty Inc-Cl A on March 15th, 2018 by issuing a Downtrend alert when the shares were trading at $18.74. Since that call, shares of Coty Inc-Cl A have fallen 22.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle coty inc-cl a

Ticker(s): COTY