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Possible Bullish Inside Day Candle Pattern Detected for Hanesbrands Inc (NYSE:HBI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hanesbrands Inc (NYSE:HBI) based on the price action in the company's shares. Yesterday's price range of $14.72 and $14.82 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 Hanesbrands Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Hanesbrands, Inc. manufactures apparels and clothing products. The Company produces underwear, t-shirts, sport shirts, socks, bras, thermals, sweatshirts, sleepwear, and shoes for men, women, and children. Hanesbrands serves clients in the State of North Carolina.

Hanesbrands Inc has overhead space with shares priced $14.76, or 36.0% below the average consensus analyst price target of $23.06. Hanesbrands Inc shares should first meet resistance at the 50-day moving average (MA) of $15.27 and find additional resistance at the 200-day MA of $15.97.

Hanesbrands Inc share prices have moved between a 52-week high of $19.38 and a 52-week low of $11.57 and closed yesterday at 28% above that low price at $14.76 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.3%.

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

Keywords: bullish am inside day candle hanesbrands inc

Ticker(s): HBI