Possible Bullish Inside Day Candle Pattern Detected for Multi-Color (NASDAQ:LABL)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Multi-Color (NASDAQ:LABL) based on the price action in the company's shares. Yesterday's price range of $60.52 and $61.97 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 Multi-Color 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, Multi-Color share prices have been bracketed by a low of $40.15 and a high of $80.24 and closed yesterday at $61.40, 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has remained constant.
Multi-Color (NASDAQ:LABL) has potential upside of 29.1% based on a current price of $61.40 and analysts' consensus price target of $79.25. The stock should hit resistance at its 200-day moving average (MA) of $61.76, as well as support at its 50-day MA of $53.08.
Multi-Color Corporation produces printed labels for branded consumer products. The Company manufactures labels for a variety of products including liquid detergents, fabric softeners, food products, liquid cleaners, anti-freeze, and chewing gum.
SmarTrend recommended that subscribers consider buying shares of Multi-Color on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.25. Since that recommendation, shares of Multi-Color have risen 19.4%. We continue to monitor LABL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle multi-color