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Possible Bearish Inside Day Candle Pattern Detected for Madison Square-A (NYSE:MSG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Madison Square-A (NYSE:MSG) based on the price action in the company's shares. Yesterday's price range of $307.23 and $308.88 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 Madison Square-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Madison Square Garden Company operates in the sports, entertainment, and media industries. The Company owns and operates sports franchises and hosts various venues including concerts, sporting events, and theatrical productions. The Madison Square Garden conducts its business in the United States.

Madison Square-A (NYSE:MSG) is currently priced 15.7% above its average consensus analyst price target of $258.90. Madison Square-A shares have support at the 50-day moving average (MA) of $295.89 and additional support at the 200-day MA of $290.15.

Madison Square-A share prices have moved between a 52-week high of $330.00 and a 52-week low of $236.78 and closed yesterday at 30% above that low price at $307.26 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Madison Square-A on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $264.99. Since that recommendation, shares of Madison Square-A have risen 16.9%. We continue to monitor MSG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle madison square-a

Ticker(s): MSG