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Possible Bullish Inside Day Candle Pattern Detected for Mobile Mini (NASDAQ:MINI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mobile Mini (NASDAQ:MINI) based on the price action in the company's shares. Yesterday's price range of $29.92 and $30.48 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 Mobile Mini may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 49.4% for shares of Mobile Mini based on a current price of $30.00 and an average consensus analyst price target of $44.83. The stock should run into initial resistance at its 50-day moving average (MA) of $31.96 and subsequent resistance at its 200-day MA of $31.98.

In the past 52 weeks, shares of Mobile Mini have traded between a low of $12.60 and a high of $49.68 and closed yesterday at $30.00, which is 138% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.3%.

Mobile Mini, Inc. provides portable storage solutions through its lease fleet of portable storage units. The Company operates various branches in southwestern and western states. Mobile Mini's customers include retailers, small and large businesses, construction companies, schools, governmental entities, and homeowners.

SmarTrend recommended that its subscribers protect gains by selling shares of Mobile Mini on July 28th, 2016 by issuing a Downtrend alert when the shares were trading at $32.67. Since that call, shares of Mobile Mini have fallen 8.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle mobile mini

Ticker(s): MINI