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Possible Bearish Inside Day Candle Pattern Detected for Multi-Color Corp (NASDAQ:LABL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Multi-Color Corp (NASDAQ:LABL) based on the price action in the company's shares. Yesterday's price range of $50.01 and $50.01 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 Multi-Color Corp 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, Multi-Color Corp has traded in a range of $29.96 to $71.94 and closed yesterday at $50.00, 67% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.0%.

Multi-Color Corp (NASDAQ:LABL) has potential upside of 67.5% based on a current price of $50.00 and analysts' consensus price target of $83.75. The stock should find resistance at its 200-day moving average (MA) of $54.59, as well as support at its 50-day MA of $46.97.

Multi-Color Corporation produces printed labels for branded consumer products. The Company manufactures labels for a variety of products including liquid detergents, fabric softeners, food products, liquid cleaners, anti-freeze, and chewing gum.

SmarTrend is tracking the current trend status for Multi-Color Corp and will alert subscribers who have LABL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle multi-color corp

Ticker(s): LABL