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Possible Bullish Inside Day Candle Pattern Detected for Manitowoc Co (NYSE:MTW)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Manitowoc Co (NYSE:MTW) based on the price action in the company's shares. Yesterday's price range of $15.93 and $16.47 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 Manitowoc Co 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 Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products. The Company's products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks.

Potential upside of 100.6% exists for Manitowoc Co, based on a current level of $15.95 and analysts' average consensus price target of $32.00. Manitowoc Co shares should encounter resistance at the 200-day moving average (MA) of $21.70 and support at the 50-day MA of $15.76.

In the past 52 weeks, Manitowoc Co share prices have been bracketed by a low of $13.22 and a high of $38.88 and closed yesterday at $15.95, 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.2%.

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

Keywords: bullish am inside day candle manitowoc co

Ticker(s): MTW