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Possible Bearish Inside Day Candle Pattern Detected for Graco Inc (NYSE:GGG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Graco Inc (NYSE:GGG) based on the price action in the company's shares. Today's price range of $50.62 and $50.75 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 Graco Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $50.75, Graco Inc is currently 2.5% above its average consensus analyst price target of $49.50. Graco Inc shares have support at the 50-day moving average (MA) of $50.24 and additional support at the 200-day MA of $45.83.

In the past 52 weeks, Graco Inc share prices have been bracketed by a low of $37.36 and a high of $53.91 and are now at $50.75, 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

Graco Inc. supplies technology for the management of fluids in both industrial and commercial applications. The Company designs, manufactures, and markets systems to move, measure, control, dispense, and apply fluid materials. Graco's products are used for applying paints and coatings, high-pressure cleaning of equipment, and lubricating and maintaining vehicles, and other equipment.

SmarTrend is monitoring the recent change of momentum in Graco Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Graco Inc in search of a potential trend change.

Keywords: bearish inside day candle graco inc

Ticker(s): GGG