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Possible Bullish Inside Day Candle Pattern Detected for Newell Brands In (NYSE:NWL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Newell Brands In (NYSE:NWL) based on the price action in the company's shares. Yesterday's price range of $18.45 and $18.95 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 Newell Brands In 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 63.1% for shares of Newell Brands In based on a current price of $18.73 and an average consensus analyst price target of $30.55. The stock should find resistance at its 50-day moving average (MA) of $19.35, as well as support at its 200-day MA of $16.56.

Newell Brands In share prices have moved between a 52-week high of $22.26 and a 52-week low of $13.14 and closed yesterday at 43% above that low price at $18.73 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Newell Brands, Inc. retails consumer products. The Company offers housewares, home furnishings, office supplies, tools and hardware, and hair accessories. Newell Brands markets its products worldwide.

SmarTrend recommended that subscribers consider buying shares of Newell Brands In on August 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.01. Since that recommendation, shares of Newell Brands In have risen 15.0%. We continue to monitor NWL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle newell brands in

Ticker(s): NWL