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Possible Bullish Inside Day Candle Pattern Detected for Constellation Brands (NYSE:STZ)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Constellation Brands (NYSE:STZ) based on the price action in the company's shares. Today's price range of $162.35 and $163.86 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. Traders and investors interested in shares of Constellation Brands may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Constellation Brands share prices have been bracketed by a low of $114.49 and a high of $168.68 and are now at $163.52, 43% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.0%.

Constellation Brands (NYSE:STZ) defies analysts with a current price ($163.52) 11.0% above its average consensus price target of $145.47. The stock should find initial support at its 50-day moving average (MA) of $150.83 and further support at its 200-day MA of $138.99.

Constellation Brands, Inc. produces and markets beverage alcohol in North America, Europe, and Australia, and New Zealand. The Company has a portfolio of brands across the wine, imported beer, and distilled spirits categories. Constellation conducts its business through wholly owned subsidiaries as well as through a variety of joint ventures with various other entities.

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

Keywords: bullish inside day candle Constellation Brands

Ticker(s): STZ