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Possible Bearish Inside Day Candle Pattern Detected for Pool Corp (NASDAQ:POOL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pool Corp (NASDAQ:POOL) based on the price action in the company's shares. Yesterday's price range of $152.15 and $153.86 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 Pool Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pool Corporation is a wholesale distributor of swimming pool supplies, equipment and related leisure products. The Company's inventory includes a diverse range of products, from construction materials, replacement parts and fencing to pool care products and spas.

Over the past year, Pool Corp has traded in a range of $135.76 to $175.87 and closed yesterday at $152.72, 12% above that low. The 200-day and 50-day moving averages have moved 0.09% higher and 0.12% lower over the past week, respectively.

Potential upside of 5.4% exists for Pool Corp, based on a current level of $152.72 and analysts' average consensus price target of $161.00. Pool Corp shares should encounter resistance at the 200-day moving average (MA) of $153.80 and support at the 50-day MA of $150.41.

SmarTrend recommended that subscribers consider buying shares of Pool Corp on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $148.49. Since that recommendation, shares of Pool Corp have risen 4.0%. We continue to monitor POOL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pool corp

Ticker(s): POOL