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

By James Quinn

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 $13.56 and $13.56 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. 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.

There is potential upside of 31.0% for shares of Coty Inc-Cl A based on a current price of $13.56 and an average consensus analyst price target of $17.76. Coty Inc-Cl A shares have support at the 50-day moving average (MA) of $11.89 and additional support at the 200-day MA of $10.39.

Coty Inc-Cl A share prices have moved between a 52-week high of $14.87 and a 52-week low of $5.91 and are now trading 129% above that low price at $13.56 per share. The 200-day and 50-day moving averages have moved 0.26% higher and 1.22% higher over the past week, respectively.

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 76.6%. 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