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Possible Bearish Inside Day Candle Pattern Detected for Polyone Corp (NYSE:POL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Polyone Corp (NYSE:POL) based on the price action in the company's shares. Yesterday's price range of $36.84 and $37.00 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 Polyone Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

PolyOne Corporation is an international polymer services company with operations in North America, Europe, Asia, Australia, and South America. The Company provides thermoplastic compounds, specialty resins, specialty polymer formulations, engineered films, and color and additive systems. PolyOne also conducts operations in rubber compounding and thermoplastic resin distribution.

There is potential upside of 33.7% for shares of Polyone Corp based on a current price of $36.83 and an average consensus analyst price target of $49.25. The stock should discover initial support at its 50-day moving average (MA) of $32.40 and subsequent support at its 200-day MA of $30.58.

In the past 52 weeks, shares of Polyone Corp have traded between a low of $24.47 and a high of $37.12 and closed yesterday at $36.83, which is 51% above that low price. The 200-day and 50-day moving averages have moved 0.18% higher and 0.91% higher over the past week, respectively.

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

Keywords: bearish am inside day candle polyone corp

Ticker(s): POL