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Possible Bearish Inside Day Candle Pattern Detected for Hanesbrands Inc (NYSE:HBI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hanesbrands Inc (NYSE:HBI) based on the price action in the company's shares. Today's price range of $15.95 and $15.95 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 Hanesbrands Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Hanesbrands, Inc. manufactures apparels and clothing products. The Company produces underwear, t-shirts, sport shirts, socks, bras, thermals, sweatshirts, sleepwear, and shoes for men, women, and children. Hanesbrands serves clients in the State of North Carolina.

In the past 52 weeks, Hanesbrands Inc share prices have been bracketed by a low of $11.57 and a high of $22.57 and are now at $15.95, 38% above that low price. The 200-day and 50-day moving averages have moved 0.31% lower and 0.7% lower over the past week, respectively.

Hanesbrands Inc (NYSE:HBI) has potential upside of 44.6% based on a current price of $15.95 and analysts' consensus price target of $23.06. The stock should run into initial resistance at its 200-day moving average (MA) of $16.66 and subsequent resistance at its 50-day MA of $17.38.

SmarTrend recommended that its subscribers protect gains by selling shares of Hanesbrands Inc on March 25th, 2019 by issuing a Downtrend alert when the shares were trading at $16.87. Since that call, shares of Hanesbrands Inc have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle hanesbrands inc

Ticker(s): HBI