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Possible Bearish Inside Day Candle Pattern Detected for Polaris Industries (NYSE:PII)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Polaris Industries (NYSE:PII) based on the price action in the company's shares. Yesterday's price range of $82.19 and $84.98 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 Polaris Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Polaris Industries Inc. designs, engineers, and manufactures snowmobiles, all terrain vehicles, motorcycles, and personal watercraft. The Company markets its products, together with related replacement parts, garments, and accessories through dealers and distributors located in the United States, Canada, and Europe.

There is potential upside of 63.1% for shares of Polaris Industries based on a current price of $82.73 and an average consensus analyst price target of $134.94. The stock should run into initial resistance at its 50-day moving average (MA) of $95.97 and subsequent resistance at its 200-day MA of $105.29.

Polaris Industries share prices have moved between a 52-week high of $156.35 and a 52-week low of $67.80 and closed yesterday at 22% above that low price at $82.73 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Polaris Industries on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $90.70. Since that call, shares of Polaris Industries have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle polaris industries

Ticker(s): PII