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Possible Bearish Inside Day Candle Pattern Detected for L Brands Inc (NYSE:LB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in L Brands Inc (NYSE:LB) based on the price action in the company's shares. Today's price range of $11.63 and $12.08 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 L Brands Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

L Brands, Inc. sells women's apparel and beauty products. The Company offers various products including women's apparel, women's lingerie, beauty and personal care products, home fragrances, and other related products and accessories. L Brands serves customers in the United States, Canada, and the United Kingdom through specialty retail stores, websites, and catalogues.

Over the past year, L Brands Inc has traded in a range of $8.00 to $28.02 and is now at $11.80, 48% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has declined 7.8%.

Potential upside of 237.1% exists for L Brands Inc, based on a current level of $11.80 and analysts' average consensus price target of $39.77. L Brands Inc shares should first meet resistance at the 50-day moving average (MA) of $13.90 and find additional resistance at the 200-day MA of $18.20.

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

Keywords: bearish inside day candle l brands inc

Ticker(s): LB