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Possible Bearish Inside Day Candle Pattern Detected for Myers Inds Inc (NYSE:MYE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Myers Inds Inc (NYSE:MYE) based on the price action in the company's shares. Yesterday's price range of $17.90 and $18.17 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 Myers Inds Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Myers Inds Inc has overhead space with shares priced $18.02, or 30.7% below the average consensus analyst price target of $26.00. Myers Inds Inc shares have support at the 200-day moving average (MA) of $17.94 and additional support at the 50-day MA of $17.75.

Myers Inds Inc share prices have moved between a 52-week high of $25.70 and a 52-week low of $14.24 and closed yesterday at 27% above that low price at $18.02 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

Myers Industries, Inc. manufactures plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets. The Company's products include plastic containers, rubber tire repair products, and custom rubber materials. Myers is also a wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry.

SmarTrend recommended that subscribers consider buying shares of Myers Inds Inc on February 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.82. Since that recommendation, shares of Myers Inds Inc have risen 8.1%. We continue to monitor MYE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle myers inds inc

Ticker(s): MYE