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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mattel (NYSE:MAT) based on the price action in the company's shares. Today's price range of $30.35 and $30.71 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mattel (NYSE:MAT) is currently priced 12.5% above its average consensus analyst price target of $26.67. The stock should find resistance at its 50-day moving average (MA) of $32.60, as well as support at its 200-day MA of $26.90.

Mattel, Inc. designs, manufactures, and markets a broad variety of children's 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, among others.

Over the past year, Mattel has traded in a range of $19.45 to $34.76 and is now at $30.47, 57% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Mattel on September 14th, 2016 by issuing a Downtrend alert when the shares were trading at $31.38. Since that call, shares of Mattel have fallen 3.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle mattel

Ticker(s): MAT