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Possible Bearish Inside Day Candle Pattern Detected for Mattel Inc (NASDAQ:MAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mattel Inc (NASDAQ:MAT) based on the price action in the company's shares. Yesterday's price range of $14.33 and $14.56 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 Mattel Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mattel Inc has overhead space with shares priced $14.51, or 12.3% below the average consensus analyst price target of $16.55. The stock should find initial support at its 50-day moving average (MA) of $13.40 and further support at its 200-day MA of $11.91.

Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles.

In the past 52 weeks, Mattel Inc share prices have been bracketed by a low of $9.11 and a high of $17.27 and closed yesterday at $14.51, 59% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.

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

Keywords: bearish am inside day candle mattel inc

Ticker(s): MAT