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Possible Bearish Inside Day Candle Pattern Detected for Manitowoc Co (NYSE:MTW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manitowoc Co (NYSE:MTW) based on the price action in the company's shares. Yesterday's price range of $25.27 and $25.70 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 Manitowoc Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products. The Company's products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks.

Manitowoc Co share prices have moved between a 52-week high of $44.03 and a 52-week low of $1.38 and closed yesterday at 1,751% above that low price at $25.55 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has risen 1.5%.

Manitowoc Co has overhead space with shares priced $25.55, or 20.2% below the average consensus analyst price target of $32.00. Manitowoc Co shares should encounter resistance at the 50-day moving average (MA) of $26.29 and support at its 200-day MA of $24.07.

SmarTrend recommended that its subscribers protect gains by selling shares of Manitowoc Co on March 1st, 2018 by issuing a Downtrend alert when the shares were trading at $28.78. Since that call, shares of Manitowoc Co have fallen 10.2%. 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 manitowoc co

Ticker(s): MTW