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Possible Bearish Inside Day Candle Pattern Detected for ABM Industries (NYSE:ABM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ABM Industries (NYSE:ABM) based on the price action in the company's shares. Yesterday's price range of $37.10 and $37.44 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. Owners of ABM Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, ABM Industries share prices have been bracketed by a low of $26.50 and a high of $37.85 and closed yesterday at $37.29, 41% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

ABM Industries Incorporated is a facility services contractor. The Company provides air conditioning, engineering, janitorial, lighting, parking, security, and other outsourced facility services to commercial, industrial, and institutional customers in cities across North America.

ABM Industries (NYSE:ABM) is currently priced 7.2% above its average consensus analyst price target of $34.60. ABM Industries shares have support at the 50-day moving average (MA) of $31.85 and additional support at the 200-day MA of $30.28.

SmarTrend recommended that subscribers consider buying shares of ABM Industries on May 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.11. Since that recommendation, shares of ABM Industries have risen 13.3%. We continue to monitor ABM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle abm industries

Ticker(s): ABM