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

By Amy Schwartz

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 $166.29 and $167.71 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.

In the past 52 weeks, shares of Pool Corp have traded between a low of $135.76 and a high of $175.87 and closed yesterday at $167.71, which is 24% above that low price. The 200-day and 50-day moving averages have moved 0.16% higher and 0.62% higher over the past week, respectively.

Pool Corp (NASDAQ:POOL) defies analysts with a current price ($167.71) 4.0% above its average consensus price target of $161.00. The stock should find initial support at its 50-day moving average (MA) of $157.10 and further support at its 200-day MA of $155.64.

SmarTrend is tracking the current trend status for Pool Corp and will alert subscribers who have POOL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pool corp

Ticker(s): POOL