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

By Nick Russo

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 $54.32 and $56.00 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.

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.

Herbalife has overhead space with shares priced $55.97, or 18.3% below the average consensus analyst price target of $68.50. The stock should hit resistance at its 50-day moving average (MA) of $58.59, as well as support at its 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 $55.97, 42% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.5%.

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 am inside day candle herbalife

Ticker(s): HLF