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Possible Bearish Inside Day Candle Pattern Detected for Cavco Industries (NASDAQ:CVCO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cavco Industries (NASDAQ:CVCO) based on the price action in the company's shares. Yesterday's price range of $157.40 and $161.72 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 Cavco Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cavco Industries (NASDAQ:CVCO) has potential upside of 13.7% based on a current price of $158.36 and analysts' consensus price target of $180.00. The stock should find resistance at its 200-day moving average (MA) of $160.72, as well as support at its 50-day MA of $135.69.

Cavco Industries, Inc. designs and manufactures systems-built structures. The Company offers manufactured and modular homes, commercial buildings, park model RV's, and vacation cabins. Cavco Industries also provides a wide range of insurance products for manufactured home owners, as well as a variety of homebuyer financing options.

Cavco Industries share prices have moved between a 52-week high of $261.80 and a 52-week low of $112.00 and closed yesterday at 41% above that low price at $158.36 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that subscribers consider buying shares of Cavco Industries on April 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $128.98. Since that recommendation, shares of Cavco Industries have risen 22.8%. We continue to monitor CVCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cavco industries

Ticker(s): CVCO