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

By Nick Russo

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 $16.77 and $17.00 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.

Manitowoc Co (NYSE:MTW) has potential upside of 90.2% based on a current price of $16.82 and analysts' consensus price target of $32.00. The stock should find initial resistance at its 50-day moving average (MA) of $16.95 and further resistance at its 200-day MA of $20.26.

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.

Over the past year, Manitowoc Co has traded in a range of $13.22 to $29.51 and closed yesterday at $16.82, 27% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.4%.

SmarTrend is tracking the current trend status for Manitowoc Co and will alert subscribers who have MTW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle manitowoc co

Ticker(s): MTW