• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Corrections of America (NYSE:CXW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Corrections of America (NYSE:CXW) based on the price action in the company's shares. Yesterday's price range of $29.37 and $29.83 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 Corrections of America may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Corrections Corporation of America provides detention and corrections services to governmental agencies. The Company owns correctional and detention facilities in the United States and the United Kingdom. Services include design, construction, ownership, renovation, and management of new or existing jails and prisons, as well as long distance inmate transportation services.

In the past 52 weeks, shares of Corrections of America have traded between a low of $12.99 and a high of $36.98 and closed yesterday at $29.59, which is 128% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.

Potential upside of 22.8% exists for Corrections of America, based on a current level of $29.59 and analysts' average consensus price target of $36.33. Corrections of America shares should encounter resistance at the 50-day moving average (MA) of $31.13 and support at its 200-day MA of $29.46.

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

Keywords: bearish am inside day candle corrections of america

Ticker(s): CXW