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Possible Bullish Inside Day Candle Pattern Detected for Matson Inc (NYSE:MATX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Matson Inc (NYSE:MATX) based on the price action in the company's shares. Yesterday's price range of $23.01 and $23.77 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 Matson Inc 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, Matson Inc share prices have been bracketed by a low of $21.63 and a high of $43.00 and closed yesterday at $23.58, 9% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.7%.

Matson Inc (NYSE:MATX) has potential upside of 72.5% based on a current price of $23.58 and analysts' consensus price target of $40.67. Matson Inc shares should first meet resistance at the 50-day moving average (MA) of $38.40 and find additional resistance at the 200-day MA of $41.25.

Matson Inc., is involved in transportation and logistics. The Company offers multimodal transportation services to the North American market, including domestic and international rail intermodal service, long haul and regional highway brokerage, supply chain services and LTL transportation services, as well as third-party logistics services.

SmarTrend recommended that its subscribers protect gains by selling shares of Matson Inc on November 8th, 2016 by issuing a Downtrend alert when the shares were trading at $32.04. Since that call, shares of Matson Inc have fallen 28.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle matson inc

Ticker(s): MATX