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Possible Bearish Inside Day Candle Pattern Detected for Inter Parfums (NASDAQ:IPAR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Inter Parfums (NASDAQ:IPAR) based on the price action in the company's shares. Yesterday's price range of $77.00 and $77.00 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 Inter Parfums may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. Inter Parfums's operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

In the past 52 weeks, shares of Inter Parfums have traded between a low of $41.55 and a high of $80.08 and closed yesterday at $76.96, which is 85% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.1%.

Inter Parfums (NASDAQ:IPAR) is currently priced 33.1% above its average consensus analyst price target of $51.50. The stock should discover initial support at its 50-day moving average (MA) of $69.38 and subsequent support at its 200-day MA of $62.20.

SmarTrend recommended that subscribers consider buying shares of Inter Parfums on January 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.98. Since that recommendation, shares of Inter Parfums have risen 19.0%. We continue to monitor IPAR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle inter parfums

Ticker(s): IPAR