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Possible Bullish Inside Day Candle Pattern Detected for Mueller Inds (NYSE:MLI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mueller Inds (NYSE:MLI) based on the price action in the company's shares. Yesterday's price range of $28.24 and $28.54 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 Mueller Inds may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mueller Inds has overhead space with shares priced $28.50, or 39.4% below the average consensus analyst price target of $47.00. The stock should run into initial resistance at its 200-day moving average (MA) of $30.53 and subsequent resistance at its 50-day MA of $31.14.

In the past 52 weeks, shares of Mueller Inds have traded between a low of $25.26 and a high of $37.57 and closed yesterday at $28.50, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.5%.

Mueller Industries, Inc. manufactures and sells brass, copper, plastic, and aluminum products. The Company's products include copper tube and fittings, brass and copper alloy rods and bars, aluminum and brass forgings, aluminum and copper impact extrusions, plastic fittings and valves, refrigeration valves and fittings, and fabricated tubular products.

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

Keywords: bullish am inside day candle mueller inds

Ticker(s): MLI