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Possible Bearish Inside Day Candle Pattern Detected for Myers Inds Inc (NYSE:MYE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Myers Inds Inc (NYSE:MYE) based on the price action in the company's shares. Yesterday's price range of $10.80 and $11.22 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 Myers Inds Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 139.2% for shares of Myers Inds Inc based on a current price of $10.87 and an average consensus analyst price target of $26.00. Myers Inds Inc shares should first meet resistance at the 50-day moving average (MA) of $13.01 and find additional resistance at the 200-day MA of $15.94.

In the past 52 weeks, Myers Inds Inc share prices have been bracketed by a low of $6.91 and a high of $19.55 and closed yesterday at $10.87, 57% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 1.66% lower over the past week, respectively.

Myers Industries, Inc. manufactures plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets. The Company's products include plastic containers, rubber tire repair products, and custom rubber materials. Myers is also a wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry.

SmarTrend recommended that its subscribers protect gains by selling shares of Myers Inds Inc on October 4th, 2019 by issuing a Downtrend alert when the shares were trading at $16.06. Since that call, shares of Myers Inds Inc have fallen 29.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle myers inds inc

Ticker(s): MYE