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Possible Bearish Inside Day Candle Pattern Detected for Macquarie Infras (NYSE:MIC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Macquarie Infras (NYSE:MIC) based on the price action in the company's shares. Today's price range of $42.75 and $43.15 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 Macquarie Infras 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, Macquarie Infras share prices have been bracketed by a low of $33.71 and a high of $43.83 and are now at $42.85, 27% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals.

Potential upside of 3.3% exists for Macquarie Infras, based on a current level of $42.85 and analysts' average consensus price target of $44.25. Macquarie Infras shares have support at the 200-day moving average (MA) of $40.43 and additional support at the 50-day MA of $38.89.

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

Keywords: bearish inside day candle macquarie infras

Ticker(s): MIC