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Possible Bearish Inside Day Candle Pattern Detected for Sherwin-Williams (NYSE:SHW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sherwin-Williams (NYSE:SHW) based on the price action in the company's shares. Yesterday's price range of $582.23 and $586.99 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 Sherwin-Williams may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sherwin-Williams (NYSE:SHW) defies analysts with a current price ($584.86) 23.7% above its average consensus price target of $446.50. Sherwin-Williams shares have support at the 50-day moving average (MA) of $565.39 and additional support at the 200-day MA of $490.72.

In the past 52 weeks, shares of Sherwin-Williams have traded between a low of $365.20 and a high of $597.00 and closed yesterday at $584.86, which is 60% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.5%.

The Sherwin-Williams Company manufactures, distributes, and sells paints, coatings, and related products. The Company's products are sold to professional, industrial, commercial, and retail customers primarily in North and South America. Sherwin Williams also has additional operations in the Caribbean region, Europe, and Asia.

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

Keywords: bearish am inside day candle sherwin-williams

Ticker(s): SHW