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Possible Bullish Inside Day Candle Pattern Detected for Hanesbrands Inc (NYSE:HBI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hanesbrands Inc (NYSE:HBI) based on the price action in the company's shares. Yesterday's price range of $13.44 and $13.69 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 Hanesbrands 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.

Hanesbrands, Inc. manufactures apparels and clothing products. The Company produces underwear, t-shirts, sport shirts, socks, bras, thermals, sweatshirts, sleepwear, and shoes for men, women, and children. Hanesbrands serves clients in the State of North Carolina.

Hanesbrands Inc (NYSE:HBI) has potential upside of 78.9% based on a current price of $12.89 and analysts' consensus price target of $23.06. Hanesbrands Inc shares should first meet resistance at the 50-day moving average (MA) of $14.32 and find additional resistance at the 200-day MA of $15.21.

In the past 52 weeks, shares of Hanesbrands Inc have traded between a low of $12.90 and a high of $19.37 and closed yesterday at $12.89, which is -0% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.7%.

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

Keywords: bullish am inside day candle hanesbrands inc

Ticker(s): HBI