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Possible Bearish Inside Day Candle Pattern Detected for Silgan Holdings (NASDAQ:SLGN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Silgan Holdings (NASDAQ:SLGN) based on the price action in the company's shares. Yesterday's price range of $29.00 and $29.00 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 Silgan Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Silgan Holdings Inc. and its subsidiaries manufacture consumer goods packaging products. The Company currently produces steel and aluminum containers for human and pet food and custom designed plastic containers for various markets, plastic closures, caps, thermoformed plastic tubs, and specialty packaging items. Silgan markets its products in North America.

Silgan Holdings (NASDAQ:SLGN) has potential upside of 8.5% based on a current price of $28.99 and analysts' consensus price target of $31.45. The stock should discover initial support at its 50-day moving average (MA) of $27.56 and subsequent support at its 200-day MA of $26.65.

In the past 52 weeks, Silgan Holdings share prices have been bracketed by a low of $22.24 and a high of $29.62 and closed yesterday at $28.99, 30% above that low price. The 200-day and 50-day moving averages have moved 0.09% higher and 1.26% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Silgan Holdings on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.86. Since that recommendation, shares of Silgan Holdings have risen 17.1%. We continue to monitor SLGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle silgan holdings

Ticker(s): SLGN