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Possible Bullish Inside Day Candle Pattern Detected for Mueller Water-A (NYSE:MWA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mueller Water-A (NYSE:MWA) based on the price action in the company's shares. Yesterday's price range of $11.67 and $11.73 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 Water-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 18.3% exists for Mueller Water-A, based on a current level of $11.71 and analysts' average consensus price target of $13.86. Mueller Water-A shares have support at the 50-day moving average (MA) of $11.36 and additional support at the 200-day MA of $10.44.

Mueller Water Products, Inc. manufactures a broad range of water infrastructure and flow control products for use in water distribution networks, water and wastewater treatment facilities, gas distribution systems and fire protection piping systems. The Company's product portfolio includes engineered valves, hydrants, pipe fittings and ductile iron pipe.

Mueller Water-A share prices have moved between a 52-week high of $12.26 and a 52-week low of $8.47 and closed yesterday at 38% above that low price at $11.71 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Mueller Water-A on September 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.94. Since that recommendation, shares of Mueller Water-A have risen 6.3%. We continue to monitor MWA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle mueller water-a

Ticker(s): MWA