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Possible Bearish Inside Day Candle Pattern Detected for Cooper Tire & Ru (NYSE:CTB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cooper Tire & Ru (NYSE:CTB) based on the price action in the company's shares. Yesterday's price range of $25.94 and $26.56 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 Cooper Tire & Ru may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cooper Tire & Ru share prices have moved between a 52-week high of $35.36 and a 52-week low of $22.46 and closed yesterday at 18% above that low price at $26.51 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 2.1%.

Cooper Tire & Rubber Company manufactures and markets replacement tires. The Company focuses on the manufacture and sale of passenger and light truck replacement tires. Cooper also manufactures radial medium truck tires and materials and equipment for the truck tire retread industry.

Cooper Tire & Ru has overhead space with shares priced $26.51, or 25.3% below the average consensus analyst price target of $35.50. The stock should find initial resistance at its 50-day moving average (MA) of $27.12 and further resistance at its 200-day MA of $30.37.

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

Keywords: bearish am inside day candle cooper tire & ru

Ticker(s): CTB