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

By Amy Schwartz

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 $82.79 and $84.98 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.

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 $82.99, which is 22% above that low price. The 200-day and 50-day moving averages have moved 1.07% lower and 0.75% higher over the past week, respectively.

Potential upside of 62.6% exists for Polaris Industries, based on a current level of $82.99 and analysts' average consensus price target of $134.94. 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.

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 inside day candle polaris industries

Ticker(s): PII