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

By Shiri Gupta

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 $9.52 and $9.62 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.

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.

In the past 52 weeks, Mueller Water-A share prices have been bracketed by a low of $8.47 and a high of $12.59 and closed yesterday at $9.57, 13% 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 0.3%.

Mueller Water-A (NYSE:MWA) has potential upside of 44.8% based on a current price of $9.57 and analysts' consensus price target of $13.86. The stock should find initial resistance at its 50-day moving average (MA) of $10.05 and further resistance at its 200-day MA of $10.43.

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

Keywords: bearish am inside day candle mueller water-a

Ticker(s): MWA