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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 $9.34 and $9.64 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 (NYSE:HBI) has potential upside of 143.5% based on a current price of $9.47 and analysts' consensus price target of $23.06. The stock should find initial resistance at its 50-day moving average (MA) of $9.50 and further resistance at its 200-day MA of $13.45.

Hanesbrands Inc share prices have moved between a 52-week high of $17.95 and a 52-week low of $6.96 and closed yesterday at 36% above that low price at $9.47 per share. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 4%.

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