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

By Amy Schwartz

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 $142.66 and $144.57 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.

Estee Lauder share prices have moved between a 52-week high of $158.80 and a 52-week low of $93.45 and closed yesterday at 53% above that low price at $142.69 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has risen 0.7%.

There is potential upside of 6.7% for shares of Estee Lauder based on a current price of $142.69 and an average consensus analyst price target of $152.25. Estee Lauder shares should encounter resistance at the 50-day moving average (MA) of $147.18 and support at its 200-day MA of $133.96.

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 is monitoring the recent change of momentum in Estee Lauder. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Estee Lauder in search of a potential trend change.

Keywords: bullish am inside day candle Estee Lauder

Ticker(s): EL