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Possible Bearish Inside Day Candle Pattern Detected for Sherwin-Williams (NYSE:SHW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sherwin-Williams (NYSE:SHW) based on the price action in the company's shares. Yesterday's price range of $586.65 and $586.96 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 Sherwin-Williams may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Sherwin-Williams have traded between a low of $410.35 and a high of $599.95 and closed yesterday at $582.44, which is 42% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

Sherwin-Williams (NYSE:SHW) is currently priced 23.3% above its average consensus analyst price target of $446.50. Sherwin-Williams shares have support at the 50-day moving average (MA) of $578.16 and additional support at the 200-day MA of $523.58.

The Sherwin-Williams Company manufactures, distributes, and sells paints, coatings, and related products. The Company's products are sold to professional, industrial, commercial, and retail customers primarily in North and South America. Sherwin Williams also has additional operations in the Caribbean region, Europe, and Asia.

SmarTrend is monitoring the recent change of momentum in Sherwin-Williams. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sherwin-Williams in search of a potential trend change.

Keywords: bearish am inside day candle sherwin-williams

Ticker(s): SHW