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Possible Bearish Inside Day Candle Pattern Detected for Argan Inc (NYSE:AGX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Argan Inc (NYSE:AGX) based on the price action in the company's shares. Yesterday's price range of $42.86 and $43.62 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 Argan Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 25.3% for shares of Argan Inc based on a current price of $43.09 and an average consensus analyst price target of $54.00. The stock should hit resistance at its 200-day moving average (MA) of $43.89, as well as support at its 50-day MA of $40.23.

Argan Inc share prices have moved between a 52-week high of $51.95 and a 52-week low of $35.08 and closed yesterday at 23% above that low price at $43.09 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Argan, Inc., through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services to the power generation and renewable energy markets.

SmarTrend is monitoring the recent change of momentum in Argan Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Argan Inc in search of a potential trend change.

Keywords: bearish am inside day candle argan inc

Ticker(s): AGX