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

By Shiri Gupta

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 $159.30 and $159.88 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.

There is potential upside of 1.2% for shares of Pool Corp based on a current price of $159.10 and an average consensus analyst price target of $161.00. The stock should find initial support at its 200-day moving average (MA) of $154.74 and further support at its 50-day MA of $154.33.

In the past 52 weeks, Pool Corp share prices have been bracketed by a low of $135.76 and a high of $175.87 and closed yesterday at $159.10, 17% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

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.

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 8.0%. 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