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Possible Bearish Inside Day Candle Pattern Detected for Cooper Cos Inc (NYSE:COO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cooper Cos Inc (NYSE:COO) based on the price action in the company's shares. Yesterday's price range of $352.67 and $355.19 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. Owners of Cooper Cos Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cooper Cos Inc share prices have moved between a 52-week high of $355.41 and a 52-week low of $259.21 and closed yesterday at 38% above that low price at $357.85 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.2%.

Cooper Cos Inc (NYSE:COO) is currently priced 25.1% above its average consensus analyst price target of $268.08. The stock should discover initial support at its 50-day moving average (MA) of $316.84 and subsequent support at its 200-day MA of $310.41.

The Cooper Companies, Inc. through its subsidiaries, develops, manufactures, and markets specialty healthcare products. The Company's products include contact lenses for the vision care market and diagnostic products, surgical instruments, and accessories for gynecologists and obstetricians.

SmarTrend recommended that subscribers consider buying shares of Cooper Cos Inc on November 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $304.83. Since that recommendation, shares of Cooper Cos Inc have risen 16.6%. We continue to monitor COO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cooper cos inc

Ticker(s): COO