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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 $16.79 and $16.89 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 has overhead space with shares priced $16.82, or 27.1% below the average consensus analyst price target of $23.06. The stock should discover initial support at its 50-day moving average (MA) of $16.61 and subsequent support at its 200-day MA of $16.51.

Hanesbrands Inc share prices have moved between a 52-week high of $22.52 and a 52-week low of $11.57 and are now trading 45% above that low price at $16.82 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

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.

SmarTrend is tracking the current trend status for Hanesbrands Inc and will alert subscribers who have HBI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle hanesbrands inc

Ticker(s): HBI