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Possible Bullish Inside Day Candle Pattern Detected for Polyone Corp (NYSE:POL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Polyone Corp (NYSE:POL) based on the price action in the company's shares. Yesterday's price range of $30.69 and $31.27 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 Polyone Corp 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 58.1% for shares of Polyone Corp based on a current price of $31.16 and an average consensus analyst price target of $49.25. The stock should hit resistance at its 50-day moving average (MA) of $31.96, as well as support at its 200-day MA of $30.33.

Polyone Corp share prices have moved between a 52-week high of $41.93 and a 52-week low of $24.47 and closed yesterday at 27% above that low price at $31.16 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.3%.

PolyOne Corporation is an international polymer services company with operations in North America, Europe, Asia, Australia, and South America. The Company provides thermoplastic compounds, specialty resins, specialty polymer formulations, engineered films, and color and additive systems. PolyOne also conducts operations in rubber compounding and thermoplastic resin distribution.

SmarTrend is tracking the current trend status for Polyone Corp and will alert subscribers who have POL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle polyone corp

Ticker(s): POL