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Possible Bearish Inside Day Candle Pattern Detected for Beacon Roofing S (NASDAQ:BECN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Beacon Roofing S (NASDAQ:BECN) based on the price action in the company's shares. Yesterday's price range of $34.94 and $34.94 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 Beacon Roofing S 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 75.1% for shares of Beacon Roofing S based on a current price of $34.93 and an average consensus analyst price target of $61.17. The stock should run into initial resistance at its 50-day moving average (MA) of $35.39 and subsequent resistance at its 200-day MA of $36.14.

Beacon Roofing Supply, Inc., together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers.

Over the past year, Beacon Roofing S has traded in a range of $24.97 to $55.01 and closed yesterday at $34.93, 40% above that low. The 200-day and 50-day moving averages have moved 0.29% lower and 0.33% higher over the past week, respectively.

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

Keywords: bearish am inside day candle beacon roofing s

Ticker(s): BECN