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

By Amy Schwartz

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. Today's price range of $54.32 and $54.97 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 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.

In the past 52 weeks, Herbalife share prices have been bracketed by a low of $39.51 and a high of $66.26 and are now at $54.47, 38% 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.

Potential upside of 25.8% exists for Herbalife, based on a current level of $54.47 and analysts' average consensus price target of $68.50. The stock should run into initial resistance at its 200-day moving average (MA) of $54.79 and subsequent resistance at its 50-day MA of $58.59.

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

Keywords: bullish inside day candle herbalife

Ticker(s): HLF