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Possible Bearish Inside Day Candle Pattern Detected for Estee Lauder (NYSE:EL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Estee Lauder (NYSE:EL) based on the price action in the company's shares. Today's price range of $169.84 and $172.97 is within yesterday'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 Estee Lauder may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Estee Lauder share prices have been bracketed by a low of $137.01 and a high of $220.42 and are now at $169.90, 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.9%.

Estee Lauder (NYSE:EL) is currently priced 10.4% above its average consensus analyst price target of $152.25. The stock should find initial resistance at its 50-day moving average (MA) of $178.30 and further resistance at its 200-day MA of $190.98.

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products. The Company's products are sold in countries and territories around the world.

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

Keywords: bearish inside day candle Estee Lauder

Ticker(s): EL