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Possible Bearish Inside Day Candle Pattern Detected for Lydall Inc (NYSE:LDL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lydall Inc (NYSE:LDL) based on the price action in the company's shares. Yesterday's price range of $20.02 and $21.01 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 Lydall Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lydall, Inc. develops and manufactures engineered materials for a variety of applications. The Company develops and manufactures engineered specialty papers, automotive heat shields, acoustical barriers, and medical filtration and bioprocessing components.The Company's fabricated products are sold to original equipment manufacturers.

Over the past year, Lydall Inc has traded in a range of $17.90 to $31.71 and closed yesterday at $20.25, 13% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 1%.

There is potential upside of 191.4% for shares of Lydall Inc based on a current price of $20.25 and an average consensus analyst price target of $59.00. The stock should find initial resistance at its 50-day moving average (MA) of $20.63 and further resistance at its 200-day MA of $21.75.

SmarTrend recommended that its subscribers protect gains by selling shares of Lydall Inc on October 3rd, 2019 by issuing a Downtrend alert when the shares were trading at $22.50. Since that call, shares of Lydall Inc have fallen 10.0%. 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 lydall inc

Ticker(s): LDL