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Possible Bullish Inside Day Candle Pattern Detected for Spectrum Brands (NYSE:SPB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Spectrum Brands (NYSE:SPB) based on the price action in the company's shares. Yesterday's price range of $59.29 and $60.63 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 Spectrum Brands 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 57.7% for shares of Spectrum Brands based on a current price of $59.53 and an average consensus analyst price target of $93.86. Spectrum Brands shares should encounter resistance at the 50-day moving average (MA) of $62.58 and support at its 200-day MA of $56.81.

Spectrum Brands Holdings, Inc. is a global and diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents.

Over the past year, Spectrum Brands has traded in a range of $45.04 to $66.50 and closed yesterday at $59.53, 32% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Spectrum Brands. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Spectrum Brands in search of a potential trend change.

Keywords: bullish am inside day candle spectrum brands

Ticker(s): SPB