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Possible Bullish Inside Day Candle Pattern Detected for Estee Lauder (NYSE:EL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Estee Lauder (NYSE:EL) based on the price action in the company's shares. Yesterday's price range of $189.72 and $192.67 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 Estee Lauder may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Estee Lauder (NYSE:EL) is currently priced 20.3% above its average consensus analyst price target of $152.25. Estee Lauder shares should encounter resistance at the 50-day moving average (MA) of $193.08 and support at its 200-day MA of $169.76.

The Estée Lauder Companies Inc. manufactures and markets skin care, makeup, fragrance, and hair care products. The company offers a range of skin care products, such as moisturizers, serums, cleansers, toners, body care products, exfoliators, acne care products, facial masks, cleansing devices, and sun care products; and makeup products, including lipsticks, lip glosses, mascaras, foundations, eyeshadows, nail polishes, and powders, as well as related items, including compacts, brushes, and other makeup tools. It also provides fragrance products in various forms comprising eau de parfum sprays and colognes, lotions, powders, creams, candles, and soaps; and hair care products consisting of shampoos, conditioners, styling products, treatment, finishing sprays, and hair color products, as well as sells ancillary products and services.

In the past 52 weeks, shares of Estee Lauder have traded between a low of $121.47 and a high of $207.50 and closed yesterday at $191.10, which is 57% above that low price. The 200-day and 50-day moving averages have moved 0.58% higher and 0.04% higher over the past week, respectively.

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

Keywords: bullish am inside day candle Estee Lauder

Ticker(s): EL