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Possible Bearish Inside Day Candle Pattern Detected for Schweitzer-Maudu (NYSE:SWM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schweitzer-Maudu (NYSE:SWM) based on the price action in the company's shares. Yesterday's price range of $29.09 and $30.02 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 Schweitzer-Maudu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Schweitzer-Mauduit International, Inc. manufactures and sells fine papers to the tobacco industry. The Company also produces specialty paper products for use in other applications such as alkaline batteries, vacuum cleaner bags, business forms, and printing and packaging applications.

In the past 52 weeks, shares of Schweitzer-Maudu have traded between a low of $20.00 and a high of $46.65 and closed yesterday at $29.29, which is 46% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.2%.

Schweitzer-Maudu (NYSE:SWM) has potential upside of 84.4% based on a current price of $29.29 and analysts' consensus price target of $54.00. The stock should find resistance at its 200-day moving average (MA) of $35.70, as well as support at its 50-day MA of $28.63.

SmarTrend is tracking the current trend status for Schweitzer-Maudu and will alert subscribers who have SWM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle schweitzer-maudu

Ticker(s): SWM