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

By Nick Russo

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 $13.59 and $13.73 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.

There is potential upside of 66.9% for shares of Hanesbrands Inc based on a current price of $13.82 and an average consensus analyst price target of $23.06. Hanesbrands Inc shares should first meet resistance at the 50-day moving average (MA) of $14.56 and find additional resistance at the 200-day MA of $15.50.

Over the past year, Hanesbrands Inc has traded in a range of $12.90 to $19.38 and closed yesterday at $13.82, 7% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.6%.

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