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

By James Quinn

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. Yesterday's price range of $100.01 and $101.79 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 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.

Over the past year, Estee Lauder has traded in a range of $75.30 to $104.50 and closed yesterday at $101.13, 34% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

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.

Estee Lauder (NYSE:EL) is currently priced 0.6% above its average consensus analyst price target of $100.48. The stock should discover initial support at its 50-day moving average (MA) of $94.08 and subsequent support at its 200-day MA of $86.98.

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

Keywords: bullish am inside day candle Estee Lauder

Ticker(s): EL