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Possible Bearish Inside Day Candle Pattern Detected for Neenah Paper Inc (NYSE:NP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Neenah Paper Inc (NYSE:NP) based on the price action in the company's shares. Yesterday's price range of $63.46 and $65.62 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 Neenah Paper Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Neenah Paper Inc (NYSE:NP) has potential upside of 24.1% based on a current price of $65.65 and analysts' consensus price target of $81.50. The stock should run into initial resistance at its 50-day moving average (MA) of $67.57 and subsequent resistance at its 200-day MA of $80.18.

Neenah Paper, Inc. is a global manufacturer of premium, performance-based papers, and specialty products used in a variety of applications. The Company has manufacturing operations in the United States and Germany.

In the past 52 weeks, Neenah Paper Inc share prices have been bracketed by a low of $56.80 and a high of $96.15 and closed yesterday at $65.65, 16% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.1%.

SmarTrend is monitoring the recent change of momentum in Neenah Paper Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Neenah Paper Inc in search of a potential trend change.

Keywords: bearish am inside day candle neenah paper inc

Ticker(s): NP