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Possible Bearish Inside Day Candle Pattern Detected for Scotts Miracle (NYSE:SMG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Scotts Miracle (NYSE:SMG) based on the price action in the company's shares. Yesterday's price range of $81.85 and $81.85 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 Scotts Miracle may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Scotts Miracle has traded in a range of $57.96 to $91.81 and closed yesterday at $81.88, 41% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

Potential upside of 11.1% exists for Scotts Miracle, based on a current level of $81.88 and analysts' average consensus price target of $91.00. The stock should find initial support at its 200-day moving average (MA) of $75.83 and further support at its 50-day MA of $75.74.

The Scotts Miracle-Gro Company markets branded consumer lawn and garden products, as well as a full range of products for professional horticulture. The Company manufactures and markets fertilizers, pest controls, plant foods, gardening soils, grass seed, and other products in North America and Europe. Scotts Miracle-Gro also provides lawn service in the United States.

SmarTrend recommended that subscribers consider buying shares of Scotts Miracle on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.51. Since that recommendation, shares of Scotts Miracle have risen 25.2%. We continue to monitor SMG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle scotts miracle

Ticker(s): SMG