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 $53.02 and $53.36 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 share prices have moved between a 52-week high of $57.10 and a 52-week low of $35.11 and are now trading 51% above that low price at $53.15 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.
There is potential upside of 3.9% for shares of Dow Chemical based on a current price of $53.15 and an average consensus analyst price target of $55.24. Dow Chemical shares have support at the 50-day moving average (MA) of $51.12 and additional support at the 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.
SmarTrend recommended that subscribers consider buying shares of Dow Chemical on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.83. Since that recommendation, shares of Dow Chemical have risen 3.1%. We continue to monitor DOW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Dow Chemical