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Possible Bearish Inside Day Candle Pattern Detected for Newell Brands In (NYSE:NWL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Newell Brands In (NYSE:NWL) based on the price action in the company's shares. Yesterday's price range of $20.09 and $20.18 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 Newell Brands In 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, Newell Brands In has traded in a range of $13.14 to $22.06 and closed yesterday at $19.89, 51% above that low. The 200-day and 50-day moving averages have moved 0.53% higher and 0.02% higher over the past week, respectively.

Newell Brands, Inc. retails consumer products. The Company offers housewares, home furnishings, office supplies, tools and hardware, and hair accessories. Newell Brands markets its products worldwide.

There is potential upside of 53.6% for shares of Newell Brands In based on a current price of $19.89 and an average consensus analyst price target of $30.55. The stock should discover initial support at its 50-day moving average (MA) of $19.30 and subsequent support at its 200-day MA of $17.05.

SmarTrend recommended that subscribers consider buying shares of Newell Brands In on August 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.01. Since that recommendation, shares of Newell Brands In have risen 24.2%. We continue to monitor NWL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle newell brands in

Ticker(s): NWL