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Possible Bearish Inside Day Candle Pattern Detected for Spectrum Brands (NYSE:SPB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spectrum Brands (NYSE:SPB) based on the price action in the company's shares. Yesterday's price range of $56.53 and $57.27 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 Spectrum Brands may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Spectrum Brands Holdings, Inc. is a global and diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents.

Spectrum Brands has overhead space with shares priced $56.55, or 39.7% below the average consensus analyst price target of $93.86. The stock should hit resistance at its 200-day moving average (MA) of $66.19, as well as support at its 50-day MA of $54.50.

In the past 52 weeks, shares of Spectrum Brands have traded between a low of $40.54 and a high of $101.23 and closed yesterday at $56.55, which is 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.3%.

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

Keywords: bearish am inside day candle spectrum brands

Ticker(s): SPB