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Possible Bearish Inside Day Candle Pattern Detected for Modine Mfg Co (NYSE:MOD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Modine Mfg Co (NYSE:MOD) based on the price action in the company's shares. Yesterday's price range of $10.14 and $10.48 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 Modine Mfg Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 190.9% exists for Modine Mfg Co, based on a current level of $10.14 and analysts' average consensus price target of $29.50. The stock should find initial resistance at its 50-day moving average (MA) of $12.99 and further resistance at its 200-day MA of $13.56.

Modine Manufacturing Company manufactures heat-transfer and heat-storage technology products. The Company develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets.

In the past 52 weeks, shares of Modine Mfg Co have traded between a low of $9.50 and a high of $18.50 and closed yesterday at $10.14, which is 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Modine Mfg Co on May 9th, 2019 by issuing a Downtrend alert when the shares were trading at $14.04. Since that call, shares of Modine Mfg Co have fallen 25.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle modine mfg co

Ticker(s): MOD