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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. Today's price range of $88.34 and $89.83 is within yesterday'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 ($88.40) 4.0% 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.

In the past 52 weeks, shares of Polaris Industries have traded between a low of $67.80 and a high of $156.35 and are now at $88.40, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 1.1%.

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 inside day candle polaris industries

Ticker(s): PII