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

By Shiri Gupta

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 $348.99 and $357.75 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.

In the past 52 weeks, shares of Mettler-Toledo International have traded between a low of $275.30 and a high of $386.68 and closed yesterday at $357.50, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

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.

Based on a current price of $357.50, Mettler-Toledo International is currently 11.2% above its average consensus analyst price target of $317.50. The stock should find initial support at its 50-day moving average (MA) of $345.67 and further support at its 200-day MA of $322.77.

SmarTrend is monitoring the recent change of momentum in Mettler-Toledo International. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mettler-Toledo International in search of a potential trend change.

Keywords: bullish am inside day candle mettler-toledo international

Ticker(s): MTD