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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Greif Inc-Cl A (NYSE:GEF) based on the price action in the company's shares. Yesterday's price range of $58.12 and $60.25 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 Greif 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.

Greif, Inc. manufactures and markets industrial packaging products and services. The Company provides steel, plastic, fibre, flexible and corrugated containers, packaging accessories, and containerboard, as well as provides blending, filling, and packaging services. Greif serves customers worldwide.

Greif Inc-Cl A (NYSE:GEF) has potential upside of 1.7% based on a current price of $58.57 and analysts' consensus price target of $59.57. The stock should find initial support at its 50-day moving average (MA) of $31.65 and further support at its 200-day MA of $31.25.

In the past 52 weeks, Greif Inc-Cl A share prices have been bracketed by a low of $35.00 and a high of $63.04 and closed yesterday at $58.57, 67% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has remained constant.

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

Keywords: bearish am inside day candle greif inc-cl a

Ticker(s): GEF