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Possible Bearish Inside Day Candle Pattern Detected for Milacron Holding (NYSE:MCRN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Milacron Holding (NYSE:MCRN) based on the price action in the company's shares. Today's price range of $16.50 and $16.63 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 Milacron Holding may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Milacron Holdings Corporation operates as a holding company. The Company, through its subsidiaries, manufactures and distributes injection molding, extrusion, blow molding, hot runner solutions, and process control systems. Milacron Holdings serves customers worldwide.

Milacron Holding has overhead space with shares priced $16.56, or 28.8% below the average consensus analyst price target of $23.25. Milacron Holding shares have support at the 50-day moving average (MA) of $15.81 and additional support at the 200-day MA of $13.90.

Milacron Holding share prices have moved between a 52-week high of $22.09 and a 52-week low of $11.11 and are now trading 49% above that low price at $16.56 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Milacron Holding on June 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.58. Since that recommendation, shares of Milacron Holding have risen 22.5%. We continue to monitor MCRN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle milacron holding

Ticker(s): MCRN