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Possible Bearish Inside Day Candle Pattern Detected for Middleby Corp (NASDAQ:MIDD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Middleby Corp (NASDAQ:MIDD) based on the price action in the company's shares. Yesterday's price range of $133.39 and $134.72 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 Middleby Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Middleby Corp (NASDAQ:MIDD) is currently priced 7.5% above its average consensus analyst price target of $123.71. Middleby Corp shares should encounter resistance at the 50-day moving average (MA) of $134.69 and support at its 200-day MA of $122.24.

The Middleby Corporation designs, manufactures, markets, and services a broad line of equipment for use in cooking and preparing food. The Company products are used in commercial and institutional kitchens and restaurants. Middleby serves customers worldwide.

Over the past year, Middleby Corp has traded in a range of $96.65 to $139.94 and closed yesterday at $133.80, 38% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Middleby Corp on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $108.62. Since that recommendation, shares of Middleby Corp have risen 24.7%. We continue to monitor MIDD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle middleby corp

Ticker(s): MIDD