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Possible Bearish Inside Day Candle Pattern Detected for Mueller Inds (NYSE:MLI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mueller Inds (NYSE:MLI) based on the price action in the company's shares. Yesterday's price range of $28.01 and $28.31 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 Mueller Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mueller Inds share prices have moved between a 52-week high of $34.24 and a 52-week low of $21.49 and closed yesterday at 30% above that low price at $28.01 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.2%.

Mueller Industries, Inc. manufactures and sells brass, copper, plastic, and aluminum products. The Company's products include copper tube and fittings, brass and copper alloy rods and bars, aluminum and brass forgings, aluminum and copper impact extrusions, plastic fittings and valves, refrigeration valves and fittings, and fabricated tubular products.

Mueller Inds has overhead space with shares priced $28.01, or 40.4% below the average consensus analyst price target of $47.00. The stock should find initial resistance at its 200-day moving average (MA) of $28.35 and further resistance at its 50-day MA of $30.44.

SmarTrend is tracking the current trend status for Mueller Inds and will alert subscribers who have MLI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle mueller inds

Ticker(s): MLI