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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pool (NASDAQ:POOL) based on the price action in the company's shares. Yesterday's price range of $93.16 and $94.27 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 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 has traded in a range of $64.50 to $102.86 and closed yesterday at $93.44, 45% above that low. The 200-day and 50-day moving averages have moved 0.41% higher and 0.64% higher over the past week, respectively.

Pool (NASDAQ:POOL) is currently priced 9.5% above its average consensus analyst price target of $84.60. The stock should find initial support at its 50-day moving average (MA) of $86.27 and further support at its 200-day MA of $78.90.

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

Keywords: bearish am inside day candle

Ticker(s): POOL