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Possible Bearish Inside Day Candle Pattern Detected for Fortune Brands H (NYSE:FBHS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fortune Brands H (NYSE:FBHS) based on the price action in the company's shares. Yesterday's price range of $68.40 and $70.67 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 Fortune Brands H may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Fortune Brands H (NYSE:FBHS) defies analysts with a current price ($68.71) 3.2% above its average consensus price target of $66.50. The stock should discover initial support at its 50-day moving average (MA) of $65.93 and subsequent support at its 200-day MA of $57.31.

In the past 52 weeks, shares of Fortune Brands H have traded between a low of $41.43 and a high of $71.78 and closed yesterday at $68.71, which is 66% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 0.9%.

Fortune Brands Home & Security, Inc. provides home and security products. The Company's business lines include kitchen and bath cabinetry, plumbing, accessories, advanced material windows, door systems, and security and storage.

SmarTrend is tracking the current trend status for Fortune Brands H and will alert subscribers who have FBHS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle fortune brands h

Ticker(s): FBHS