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Possible Bearish Inside Day Candle Pattern Detected for Prestige Brands (NYSE:PBH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Prestige Brands (NYSE:PBH) based on the price action in the company's shares. Today's price range of $28.12 and $28.12 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 Prestige Brands may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 49.4% exists for Prestige Brands, based on a current level of $28.12 and analysts' average consensus price target of $42.00. Prestige Brands shares should first meet resistance at the 50-day moving average (MA) of $28.60 and find additional resistance at the 200-day MA of $34.89.

Over the past year, Prestige Brands has traded in a range of $26.25 to $41.76 and is now at $28.12, 7% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.9%.

Prestige Brands Holdings, Inc. distributes over-the-counter healthcare and household cleaning products to retail stores in the United States, Canada, and other international markets. The Company distributes oral, eye and skin care; cough, cold, allergy, and sinus; and household cleansers, sponges, scrubbers, and cleaning pads.

SmarTrend recommended that its subscribers protect gains by selling shares of Prestige Brands on December 6th, 2018 by issuing a Downtrend alert when the shares were trading at $35.91. Since that call, shares of Prestige Brands have fallen 21.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle prestige brands

Ticker(s): PBH