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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 $11.40 and $11.41 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 $11.40, or 35.8% below the average consensus analyst price target of $17.76. The stock should discover initial support at its 200-day moving average (MA) of $10.89 and subsequent support at its 50-day MA of $9.30.

In the past 52 weeks, Coty Inc-Cl A share prices have been bracketed by a low of $5.91 and a high of $19.01 and are now at $11.40, 93% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% 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 subscribers consider buying shares of Coty Inc-Cl A on February 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.65. Since that recommendation, shares of Coty Inc-Cl A have risen 50.3%. We continue to monitor COTY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle coty inc-cl a

Ticker(s): COTY