• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Manpower (NYSE:MAN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manpower (NYSE:MAN) based on the price action in the company's shares. Yesterday's price range of $107.99 and $109.41 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 Manpower may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Manpower has traded in a range of $57.26 to $109.70 and closed yesterday at $108.13, 89% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.4%.

Manpower Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers.

Based on a current price of $108.13, Manpower is currently 3.0% above its average consensus analyst price target of $104.83. The stock should discover initial support at its 200-day moving average (MA) of $83.50 and subsequent support at its 50-day MA of $79.72.

SmarTrend recommended that subscribers consider buying shares of Manpower on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.68. Since that recommendation, shares of Manpower have risen 61.8%. We continue to monitor MAN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Manpower

Ticker(s): MAN