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Possible Bullish Inside Day Candle Pattern Detected for Cooper Cos Inc (NYSE:COO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cooper Cos Inc (NYSE:COO) based on the price action in the company's shares. Yesterday's price range of $347.04 and $349.97 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. Traders and investors interested in shares of Cooper Cos Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Cooper Companies, Inc. through its subsidiaries, develops, manufactures, and markets specialty healthcare products. The Company's products include contact lenses for the vision care market and diagnostic products, surgical instruments, and accessories for gynecologists and obstetricians.

Cooper Cos Inc (NYSE:COO) is currently priced 22.6% above its average consensus analyst price target of $268.08. The stock should find initial support at its 50-day moving average (MA) of $326.73 and further support at its 200-day MA of $313.27.

Over the past year, Cooper Cos Inc has traded in a range of $270.54 to $365.68 and closed yesterday at $346.27, 28% above that low. The 200-day and 50-day moving averages have moved 0.29% higher and 0.81% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Cooper Cos Inc on November 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $304.83. Since that recommendation, shares of Cooper Cos Inc have risen 13.8%. We continue to monitor COO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle cooper cos inc

Ticker(s): COO