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Possible Bullish Inside Day Candle Pattern Detected for Tennant Co (NYSE:TNC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tennant Co (NYSE:TNC) based on the price action in the company's shares. Yesterday's price range of $55.64 and $57.07 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 Tennant Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Tennant Co has traded in a range of $46.64 to $87.06 and closed yesterday at $56.28, 21% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 3.8%.

Tennant Company designs, manufactures, and sells non-residential floor maintenance equipment, floor coatings, and related products. The Company's products include scrubbers, sweepers, extractors, burnishers, buffers, floor coatings, and full-service equipment support. Tennant sells its products around the world.

Tennant Co has overhead space with shares priced $56.28, or 21.8% below the average consensus analyst price target of $72.00. The stock should run into initial resistance at its 50-day moving average (MA) of $59.90 and subsequent resistance at its 200-day MA of $70.84.

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

Keywords: bullish am inside day candle tennant co

Ticker(s): TNC