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Possible Bullish Inside Day Candle Pattern Detected for Herbalife (NYSE:HLF)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Herbalife (NYSE:HLF) based on the price action in the company's shares. Yesterday's price range of $59.04 and $59.72 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 Herbalife may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 15.7% for shares of Herbalife based on a current price of $59.22 and an average consensus analyst price target of $68.50. Herbalife shares have support at the 50-day moving average (MA) of $58.59 and additional support at the 200-day MA of $54.79.

In the past 52 weeks, Herbalife share prices have been bracketed by a low of $39.51 and a high of $66.26 and closed yesterday at $59.22, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.2%.

Herbalife Ltd. is a network marketing company that sells weight management, nutritional supplement and personal care products. The Company sells its products globally through a network of independent distributors. Herbalife also sells literature and promotional materials.

SmarTrend recommended that subscribers consider buying shares of Herbalife on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $55.07. Since that recommendation, shares of Herbalife have risen 7.2%. We continue to monitor HLF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle herbalife

Ticker(s): HLF