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Possible Bullish Inside Day Candle Pattern Detected for Mattel (NYSE:MAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mattel (NYSE:MAT) based on the price action in the company's shares. Today's price range of $33.15 and $33.31 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 Mattel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mattel (NYSE:MAT) defies analysts with a current price ($33.30) 19.9% above its average consensus price target of $26.67. The stock should discover initial support at its 50-day moving average (MA) of $32.60 and subsequent support at its 200-day MA of $26.90.

Mattel share prices have moved between a 52-week high of $34.76 and a 52-week low of $19.45 and are now trading 71% above that low price at $33.30 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 0.5%.

Mattel, Inc. designs, manufactures, and markets a broad variety of children's products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

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

Keywords: bullish inside day candle mattel

Ticker(s): MAT