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Possible Bearish Inside Day Candle Pattern Detected for Malibu Boats-A (NASDAQ:MBUU)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Malibu Boats-A (NASDAQ:MBUU) based on the price action in the company's shares. Yesterday's price range of $33.19 and $33.97 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 Malibu Boats-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Malibu Boats-A (NASDAQ:MBUU) has potential upside of 35.0% based on a current price of $33.43 and analysts' consensus price target of $45.14. The stock should hit resistance at its 200-day moving average (MA) of $36.62, as well as support at its 50-day MA of $30.62.

Malibu Boats, Inc. designs, manufactures and markets sport boats. The Company produces sport boats used for water sports including water skiing, wakeboarding, and wake surfing, as well as for general recreational boating use. Malibu Boats offers its products in the United States.

In the past 52 weeks, shares of Malibu Boats-A have traded between a low of $24.81 and a high of $59.57 and closed yesterday at $33.43, which is 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.2%.

SmarTrend is tracking the current trend status for Malibu Boats-A and will alert subscribers who have MBUU in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle malibu boats-a

Ticker(s): MBUU