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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manpowergroup In (NYSE:MAN) based on the price action in the company's shares. Yesterday's price range of $73.40 and $74.33 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 Manpowergroup In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ManpowerGroup 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. Manpower provides employment services to a wide variety of customers.

Manpowergroup In share prices have moved between a 52-week high of $136.93 and a 52-week low of $61.57 and closed yesterday at 20% above that low price at $74.05 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.9%.

Potential upside of 66.9% exists for Manpowergroup In, based on a current level of $74.05 and analysts' average consensus price target of $123.56. The stock should find resistance at its 200-day moving average (MA) of $85.39, as well as support at its 50-day MA of $72.51.

SmarTrend recommended that subscribers consider buying shares of Manpowergroup In on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.31. Since that recommendation, shares of Manpowergroup In have risen 6.3%. 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 manpowergroup in

Ticker(s): MAN