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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mettler-Toledo (NYSE:MTD) based on the price action in the company's shares. Yesterday's price range of $716.00 and $732.05 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 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 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.

Mettler-Toledo (NYSE:MTD) is currently priced 17.9% above its average consensus analyst price target of $598.64. The stock should find initial support at its 50-day moving average (MA) of $701.57 and further support at its 200-day MA of $615.07.

Mettler-Toledo share prices have moved between a 52-week high of $750.00 and a 52-week low of $500.74 and closed yesterday at 46% above that low price at $728.73 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.5%.

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

Keywords: bullish am inside day candle mettler-toledo

Ticker(s): MTD