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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. Yesterday's price range of $169.84 and $172.97 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 Estee Lauder may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Estee Lauder share prices have moved between a 52-week high of $220.42 and a 52-week low of $137.01 and closed yesterday at 22% above that low price at $167.79 per share. The 200-day and 50-day moving averages have moved 0.12% lower and 1.17% lower over the past week, respectively.

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.

Estee Lauder (NYSE:EL) is currently priced 9.3% above its average consensus analyst price target of $152.25. The stock should find initial resistance at its 50-day moving average (MA) of $177.50 and further resistance at its 200-day MA of $190.91.

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 am inside day candle Estee Lauder

Ticker(s): EL