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Possible Bearish Inside Day Candle Pattern Detected for L Brands Inc (NYSE:LB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in L Brands Inc (NYSE:LB) based on the price action in the company's shares. Yesterday's price range of $25.88 and $26.08 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 L Brands Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 53.6% for shares of L Brands Inc based on a current price of $25.90 and an average consensus analyst price target of $39.77. The stock should run into initial resistance at its 50-day moving average (MA) of $26.91 and subsequent resistance at its 200-day MA of $29.38.

Over the past year, L Brands Inc has traded in a range of $23.71 to $38.14 and closed yesterday at $25.90, 9% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.3%.

L Brands, Inc. sells women's apparel and beauty products. The Company offers various products including women's apparel, women's lingerie, beauty and personal care products, home fragrances, and other related products and accessories. L Brands serves customers in the United States, Canada, and the United Kingdom through specialty retail stores, websites, and catalogues.

SmarTrend recommended that its subscribers protect gains by selling shares of L Brands Inc on November 20th, 2018 by issuing a Downtrend alert when the shares were trading at $29.96. Since that call, shares of L Brands Inc have fallen 12.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle l brands inc

Ticker(s): LB