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Possible Bullish Inside Day Candle Pattern Detected for Madison Square-A (NYSE:MSG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Madison Square-A (NYSE:MSG) based on the price action in the company's shares. Yesterday's price range of $265.65 and $271.55 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 Madison Square-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Madison Square Garden Company operates in the sports, entertainment, and media industries. The Company owns and operates sports franchises and hosts various venues including concerts, sporting events, and theatrical productions. The Madison Square Garden conducts its business in the United States.

In the past 52 weeks, shares of Madison Square-A have traded between a low of $240.33 and a high of $315.95 and closed yesterday at $271.29, which is 13% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Madison Square-A (NYSE:MSG) is currently priced 4.6% above its average consensus analyst price target of $258.90. The stock should find resistance at its 200-day moving average (MA) of $284.57, as well as support at its 50-day MA of $262.53.

SmarTrend is tracking the current trend status for Madison Square-A and will alert subscribers who have MSG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle madison square-a

Ticker(s): MSG