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

By Shiri Gupta

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 $87.14 and $88.18 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.

In the past 52 weeks, Estee Lauder share prices have been bracketed by a low of $73.67 and a high of $97.48 and are now at $88.17, 20% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

There is potential upside of 8.8% for shares of Estee Lauder based on a current price of $88.17 and an average consensus analyst price target of $95.89. The stock should find resistance at its 50-day moving average (MA) of $94.08, as well as 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Estee Lauder on August 30th, 2016 by issuing a Downtrend alert when the shares were trading at $90.38. Since that call, shares of Estee Lauder have fallen 3.9%. 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