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Possible Bullish Inside Day Candle Pattern Detected for Mettler-Toledo International (NYSE:MTD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mettler-Toledo International (NYSE:MTD) based on the price action in the company's shares. Yesterday's price range of $579.22 and $586.00 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 Mettler-Toledo International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mettler-Toledo International (NYSE:MTD) defies analysts with a current price ($584.43) 23.3% above its average consensus price target of $448.09. Mettler-Toledo International shares have support at the 50-day moving average (MA) of $345.67 and additional support at the 200-day MA of $322.77.

Mettler-Toledo International Inc. manufactures and markets weighing instruments for use in laboratory, industrial, and food retailing applications. The Company also supplies several related analytical and measurement technologies. Mettler-Toledo provides its services to customers worldwide.

In the past 52 weeks, shares of Mettler-Toledo International have traded between a low of $275.30 and a high of $604.99 and closed yesterday at $584.43, which is 112% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Mettler-Toledo International on November 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $428.46. Since that recommendation, shares of Mettler-Toledo International have risen 34.8%. We continue to monitor MTD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle mettler-toledo international

Ticker(s): MTD