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Possible Bullish Inside Day Candle Pattern Detected for Estee Lauder (NYSE:EL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Estee Lauder (NYSE:EL) based on the price action in the company's shares. Today's price range of $87.99 and $88.67 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 Estee Lauder may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Estee Lauder (NYSE:EL) has potential upside of 8.5% based on a current price of $88.37 and analysts' consensus price target of $95.89. Estee Lauder shares should encounter resistance at the 50-day moving average (MA) of $94.08 and support at its 200-day MA of $86.98.

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products. The Company's products are sold in countries and territories around the world.

Over the past year, Estee Lauder has traded in a range of $73.67 to $97.48 and is now at $88.37, 20% above that low. The 200-day and 50-day moving averages have moved 0.12% higher and 0.21% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Estee Lauder on May 18th, 2016 by issuing a Downtrend alert when the shares were trading at $91.13. Since that call, shares of Estee Lauder have fallen 4.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Estee Lauder

Ticker(s): EL