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

By Nick Russo

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. Yesterday's price range of $13.35 and $13.58 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 Milacron Holding may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Milacron Holding share prices have been bracketed by a low of $11.35 and a high of $22.62 and closed yesterday at $13.60, 20% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.4%.

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.

Potential upside of 71.0% exists for Milacron Holding, based on a current level of $13.60 and analysts' average consensus price target of $23.25. The stock should hit resistance at its 200-day moving average (MA) of $18.14, as well as support at its 50-day MA of $13.40.

SmarTrend is monitoring the recent change of momentum in Milacron Holding. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Milacron Holding in search of a potential trend change.

Keywords: bearish am inside day candle milacron holding

Ticker(s): MCRN