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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Manitowoc (NYSE:MTW) based on the price action in the company's shares. Today's price range of $5.18 and $5.29 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 Manitowoc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Manitowoc has traded in a range of $4.00 to $20.72 and is now at $5.21, 30% above that low. The 200-day and 50-day moving averages have moved 1.86% lower and 11.49% lower over the past week, respectively.

The Manitowoc Company, Inc. is a diversified industrial manufacturer of cranes and related products and foodservice equipment. The Company's products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as well as ice making machines, refrigerators, and freezers.

There is potential upside of 201.3% for shares of Manitowoc based on a current price of $5.21 and an average consensus analyst price target of $15.70. Manitowoc shares should first meet resistance at the 50-day moving average (MA) of $6.08 and find additional resistance at the 200-day MA of $13.28.

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

Keywords: bullish inside day candle manitowoc

Ticker(s): MTW