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Possible Bullish Inside Day Candle Pattern Detected for Mettler-Toledo (NYSE:MTD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mettler-Toledo (NYSE:MTD) based on the price action in the company's shares. Yesterday's price range of $687.98 and $695.66 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 Mettler-Toledo may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $704.20, Mettler-Toledo is currently 15.0% above its average consensus analyst price target of $598.64. The stock should find resistance at its 200-day moving average (MA) of $727.98, as well as support at its 50-day MA of $700.32.

In the past 52 weeks, shares of Mettler-Toledo have traded between a low of $579.40 and a high of $873.51 and closed yesterday at $704.20, which is 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.8%.

Mettler-Toledo International Inc. manufactures and markets weighing instruments for use in laboratory, industrial, and food retailing applications. The Company also supplies several related analytical and measurement technologies. Mettler-Toledo provides its services to customers worldwide.

SmarTrend is tracking the current trend status for Mettler-Toledo and will alert subscribers who have MTD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle mettler-toledo

Ticker(s): MTD