Possible Bearish Inside Day Candle Pattern Detected for MSC Industrial Direct (NYSE:MSM)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MSC Industrial Direct (NYSE:MSM) based on the price action in the company's shares. Yesterday's price range of $74.04 and $74.73 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 MSC Industrial Direct may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
MSC Industrial Direct Co., Inc. is a direct marketer and supplier of a broad range of metalworking and maintenance and repair supplies. The Company markets its products to industrial customers throughout the United States.
MSC Industrial Direct (NYSE:MSM) is currently priced 13.2% above its average consensus analyst price target of $64.71. The stock should discover initial support at its 50-day moving average (MA) of $74.05 and subsequent support at its 200-day MA of $66.14.
In the past 52 weeks, MSC Industrial Direct share prices have been bracketed by a low of $54.19 and a high of $78.35 and closed yesterday at $74.55, 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.
SmarTrend is tracking the current trend status for MSC Industrial Direct and will alert subscribers who have MSM in their portfolio or watchlist when shares have changed trend direction.
Keywords: bearish am inside day candle msc industrial direct