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Possible Bullish Inside Day Candle Pattern Detected for L Brands Inc (NYSE:LB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in L Brands Inc (NYSE:LB) based on the price action in the company's shares. Yesterday's price range of $11.13 and $11.73 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 L Brands 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.

There is potential upside of 255.7% for shares of L Brands Inc based on a current price of $11.18 and an average consensus analyst price target of $39.77. L Brands Inc shares should first meet resistance at the 50-day moving average (MA) of $14.12 and find additional resistance at the 200-day MA of $18.26.

Over the past year, L Brands Inc has traded in a range of $8.00 to $28.02 and closed yesterday at $11.18, 40% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 6.4%.

L Brands, Inc. sells women's apparel and beauty products. The Company offers various products including women's apparel, women's lingerie, beauty and personal care products, home fragrances, and other related products and accessories. L Brands serves customers in the United States, Canada, and the United Kingdom through specialty retail stores, websites, and catalogues.

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

Keywords: bullish am inside day candle l brands inc

Ticker(s): LB