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Possible Bullish Inside Day Candle Pattern Detected for Coty Inc-Cl A (NYSE:COTY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Coty Inc-Cl A (NYSE:COTY) based on the price action in the company's shares. Yesterday's price range of $4.95 and $5.17 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. Traders and investors interested in shares of Coty Inc-Cl A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Coty Inc. manufactures and distributes beauty products. The Company offers fragrances, color cosmetics, hygiene, sun care, and skin treatment products. Coty supplies its products to department stores, specialty retailers, mass-market retailers, and duty free shops in airports worldwide.

Coty Inc-Cl A has overhead space with shares priced $4.93, or 72.2% below the average consensus analyst price target of $17.76. The stock should run into initial resistance at its 50-day moving average (MA) of $6.13 and subsequent resistance at its 200-day MA of $9.68.

In the past 52 weeks, shares of Coty Inc-Cl A have traded between a low of $3.02 and a high of $14.03 and closed yesterday at $4.93, which is 63% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 6.7%.

SmarTrend is tracking the current trend status for Coty Inc-Cl A and will alert subscribers who have COTY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle coty inc-cl a

Ticker(s): COTY