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Possible Bearish Inside Day Candle Pattern Detected for Scotts Miracle (NYSE:SMG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Scotts Miracle (NYSE:SMG) based on the price action in the company's shares. Yesterday's price range of $136.75 and $139.55 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 Scotts Miracle may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Scotts Miracle-Gro Company markets branded consumer lawn and garden products, as well as a full range of products for professional horticulture. The Company manufactures and markets fertilizers, pest controls, plant foods, gardening soils, grass seed, and other products in North America and Europe. Scotts Miracle-Gro also provides lawn service in the United States.

In the past 52 weeks, shares of Scotts Miracle have traded between a low of $76.50 and a high of $140.36 and closed yesterday at $137.88, which is 80% above that low price. The 200-day and 50-day moving averages have moved 0.49% higher and 1.49% higher over the past week, respectively.

Scotts Miracle (NYSE:SMG) defies analysts with a current price ($137.88) 34.0% above its average consensus price target of $91.00. Scotts Miracle shares have support at the 50-day moving average (MA) of $111.19 and additional support at the 200-day MA of $107.81.

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

Keywords: bearish am inside day candle scotts miracle

Ticker(s): SMG