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Possible Bearish Inside Day Candle Pattern Detected for Mettler-Toledo (NYSE:MTD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mettler-Toledo (NYSE:MTD) based on the price action in the company's shares. Yesterday's price range of $824.22 and $828.74 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 Mettler-Toledo may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mettler-Toledo share prices have moved between a 52-week high of $831.92 and a 52-week low of $500.74 and closed yesterday at 65% above that low price at $825.97 per share. The 200-day and 50-day moving averages have moved 0.71% higher and 0.81% higher over the past week, respectively.

Mettler-Toledo (NYSE:MTD) is currently priced 27.5% above its average consensus analyst price target of $598.64. The stock should discover initial support at its 50-day moving average (MA) of $748.02 and subsequent support at its 200-day MA of $651.20.

Mettler-Toledo International Inc. manufactures and markets weighing instruments for use in laboratory, industrial, and food retailing applications. The Company also supplies several related analytical and measurement technologies. Mettler-Toledo provides its services to customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Mettler-Toledo on June 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $753.93. Since that recommendation, shares of Mettler-Toledo have risen 10.1%. We continue to monitor MTD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mettler-toledo

Ticker(s): MTD