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Possible Bearish Inside Day Candle Pattern Detected for Manpowergroup In (NYSE:MAN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Manpowergroup In (NYSE:MAN) based on the price action in the company's shares. Yesterday's price range of $61.65 and $63.65 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 Manpowergroup In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Manpowergroup In has traded in a range of $49.57 to $100.99 and closed yesterday at $61.92, 25% above that low. The 200-day and 50-day moving averages have moved 0.58% lower and 2.72% lower over the past week, respectively.

Manpowergroup In has overhead space with shares priced $61.92, or 49.9% below the average consensus analyst price target of $123.56. The stock should find initial resistance at its 50-day moving average (MA) of $70.74 and further resistance at its 200-day MA of $85.61.

ManpowerGroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary, and permanent workers. Manpower provides employment services to a wide variety of customers.

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

Keywords: bearish am inside day candle manpowergroup in

Ticker(s): MAN