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Possible Bullish Inside Day Candle Pattern Detected for Scotts Miracle (NYSE:SMG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Scotts Miracle (NYSE:SMG) based on the price action in the company's shares. Yesterday's price range of $77.17 and $79.44 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 Scotts Miracle may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Scotts Miracle has traded in a range of $57.96 to $91.81 and closed yesterday at $78.80, 36% above that low. The 200-day and 50-day moving averages have moved 0.11% lower and 1.62% higher over the past week, respectively.

There is potential upside of 15.5% for shares of Scotts Miracle based on a current price of $78.80 and an average consensus analyst price target of $91.00. Scotts Miracle shares have support at the 50-day moving average (MA) of $76.20 and additional support at the 200-day MA of $75.79.

The Scotts Miracle-Gro Company markets branded consumer lawn and garden products, as well as a full range of products for professional horticulture. The Company manufactures and markets fertilizers, pest controls, plant foods, gardening soils, grass seed, and other products in North America and Europe. Scotts Miracle-Gro also provides lawn service in the United States.

SmarTrend recommended that subscribers consider buying shares of Scotts Miracle on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.51. Since that recommendation, shares of Scotts Miracle have risen 17.7%. We continue to monitor SMG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle scotts miracle

Ticker(s): SMG