Possible Bearish Inside Day Candle Pattern Detected for Dow Chemical (NYSE:DOW)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dow Chemical (NYSE:DOW) based on the price action in the company's shares. Today's price range of $52.10 and $52.44 is within yesterday'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 Dow Chemical may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Dow Chemical has overhead space with shares priced $52.40, or 5.1% below the average consensus analyst price target of $55.24. The stock should discover initial support at its 50-day moving average (MA) of $51.12 and subsequent support at its 200-day MA of $48.21.
The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation,health and medicine, personal care, and con struction.
In the past 52 weeks, shares of Dow Chemical have traded between a low of $35.11 and a high of $57.10 and are now at $52.40, which is 49% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.
SmarTrend is monitoring the recent change of momentum in Dow Chemical. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Dow Chemical in search of a potential trend change.
Keywords: bearish inside day candle Dow Chemical