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Possible Bearish Inside Day Candle Pattern Detected for Mueller Water-A (NYSE:MWA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mueller Water-A (NYSE:MWA) based on the price action in the company's shares. Yesterday's price range of $10.24 and $10.28 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 Water-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Mueller Water-A has traded in a range of $8.47 to $12.59 and closed yesterday at $10.28, 21% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.3%.

Mueller Water Products, Inc. manufactures a broad range of water infrastructure and flow control products for use in water distribution networks, water and wastewater treatment facilities, gas distribution systems and fire protection piping systems. The Company's product portfolio includes engineered valves, hydrants, pipe fittings and ductile iron pipe.

Mueller Water-A has overhead space with shares priced $10.28, or 25.8% below the average consensus analyst price target of $13.86. The stock should find resistance at its 200-day moving average (MA) of $10.84, as well as support at its 50-day MA of $10.23.

SmarTrend recommended that subscribers consider buying shares of Mueller Water-A on February 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.85. Since that recommendation, shares of Mueller Water-A have risen 4.9%. We continue to monitor MWA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mueller water-a

Ticker(s): MWA