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Watch for Shares of Mattel (MAT) to Approach Support at $19.94

By Shiri Gupta

Mattel (NYSE:MAT) has opened bearishly below the pivot of $20.44 today and has reached the first level of support at $20.19. Analysts will be watching for a cross of the next downside pivot targets of $19.94 and $19.44.

Mattel (NYSE:MAT) has potential upside of 50.8% based on a current price of $20.25 and analysts' consensus price target of $30.54. The stock should run into initial resistance at its 200-day moving average (MA) of $26.90 and subsequent resistance at its 50-day MA of $32.60.

In the past 52 weeks, Mattel share prices have been bracketed by a low of $19.45 and a high of $34.76 and are now at $20.25, 4% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Mattel on January 27th, 2017 by issuing a Downtrend alert when the shares were trading at $26.42. Since that call, shares of Mattel have fallen 22.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts mattel

Ticker(s): MAT