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Possible Bearish Inside Day Candle Pattern Detected for Manhattan Assoc (NASDAQ:MANH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manhattan Assoc (NASDAQ:MANH) based on the price action in the company's shares. Yesterday's price range of $51.59 and $54.62 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 Manhattan Assoc 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, shares of Manhattan Assoc have traded between a low of $35.20 and a high of $90.46 and closed yesterday at $53.61, which is 52% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 4.6%.

Manhattan Associates, Inc. provides information technology solutions for distribution centers. The solutions are designed to enable the efficient movement of goods through the supply chain. The Company's solutions optimize the receipt, storage, and distribution of inventory, as well as manage equipment and personnel within a distribution center.

Manhattan Assoc (NASDAQ:MANH) is currently priced 6.7% above its average consensus analyst price target of $50.00. The stock should find initial resistance at its 50-day moving average (MA) of $70.84 and further resistance at its 200-day MA of $76.87.

SmarTrend is monitoring the recent change of momentum in Manhattan Assoc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Manhattan Assoc in search of a potential trend change.

Keywords: bearish am inside day candle manhattan assoc

Ticker(s): MANH