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Possible Bearish Inside Day Candle Pattern Detected for Lexmark International (NYSE:LXK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lexmark International (NYSE:LXK) based on the price action in the company's shares. Today's price range of $29.27 and $30.60 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 Lexmark International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Lexmark International has traded in a range of $24.11 to $47.69 and is now at $30.36, 26% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.7%.

Lexmark International, Inc. develops, manufactures, and supplies printing and imaging solutions for offices and homes. The Company's products include laser printers, inkjet printers, multifunction devices, and associated supplies, services and solutions.

Lexmark International (NYSE:LXK) has potential upside of 8.7% based on a current price of $30.36 and analysts' consensus price target of $33.00. Lexmark International shares should encounter resistance at the 200-day moving average (MA) of $34.70 and support at the 50-day MA of $29.33.

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

Keywords: bearish inside day candle Lexmark International

Ticker(s): LXK