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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Newell Rubbermaid (NYSE:NWL) based on the price action in the company's shares. Today's price range of $48.39 and $49.44 is within yesterday'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 Rubbermaid 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, shares of Newell Rubbermaid have traded between a low of $33.26 and a high of $55.45 and are now at $48.42, which is 46% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.2%.

Newell Rubbermaid (NYSE:NWL) is currently priced 0.9% above its average consensus analyst price target of $48.00. The stock should discover initial support at its 50-day moving average (MA) of $43.14 and subsequent support at its 200-day MA of $42.11.

Newell Rubbermaid Inc. manufactures and markets branded consumer products which are sold through a variety of retail and wholesale distribution channels. The Company's products include housewares, juvenile products, home furnishings, office products, tools and hardware, and hair accessories.

SmarTrend recommended that its subscribers protect gains by selling shares of Newell Rubbermaid on September 9th, 2016 by issuing a Downtrend alert when the shares were trading at $51.20. Since that call, shares of Newell Rubbermaid have fallen 6.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle newell rubbermaid

Ticker(s): NWL