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

By David Diaz

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 $87.91 and $89.83 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 (NYSE:PII) defies analysts with a current price ($88.58) 4.2% above its average consensus price target of $84.88. The stock should find initial resistance at its 50-day moving average (MA) of $95.97 and further resistance at its 200-day MA of $105.29.

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.

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 31% above that low price at $88.58 per share. The 200-day and 50-day moving averages have moved 1.07% lower and 0.75% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Polaris Industries on October 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.40. Since that recommendation, shares of Polaris Industries have risen 15.1%. We continue to monitor PII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle polaris industries

Ticker(s): PII