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Possible Bullish Inside Day Candle Pattern Detected for Matthews Intl-A (NASDAQ:MATW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Matthews Intl-A (NASDAQ:MATW) based on the price action in the company's shares. Yesterday's price range of $34.88 and $35.63 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 Matthews Intl-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.

In the past 52 weeks, shares of Matthews Intl-A have traded between a low of $34.70 and a high of $77.85 and closed yesterday at $35.46, which is 2% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Matthews International Corporation designs, manufactures, and markets custom-made identification products. The Company's products include cast bronze memorials, mausoleums, granite memorials, architectural plaques, printing plates, imaging systems for the corrugated and flexible packaging industries, and caskets made of metal, wood, and other materials.

There is potential upside of 109.6% for shares of Matthews Intl-A based on a current price of $35.46 and an average consensus analyst price target of $74.33. The stock should run into initial resistance at its 200-day moving average (MA) of $35.54 and subsequent resistance at its 50-day MA of $37.88.

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

Keywords: bullish am inside day candle matthews intl-a

Ticker(s): MATW