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Possible Bearish Inside Day Candle Pattern Detected for Dycom Inds (NYSE:DY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dycom Inds (NYSE:DY) based on the price action in the company's shares. Yesterday's price range of $56.41 and $58.03 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 Dycom Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 135.0% exists for Dycom Inds, based on a current level of $56.51 and analysts' average consensus price target of $132.78. The stock should hit resistance at its 200-day moving average (MA) of $57.09, as well as support at its 50-day MA of $54.20.

In the past 52 weeks, shares of Dycom Inds have traded between a low of $41.78 and a high of $96.28 and closed yesterday at $56.51, which is 35% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.8%.

Dycom Industries, Inc. provides specialty contracting services in the United States and Canada. The company offers various specialty contracting services, including program management, engineering, construction, maintenance, and installation services, such as placement and splicing of fiber, copper, and coaxial cables to telecommunications providers.

SmarTrend recommended that subscribers consider buying shares of Dycom Inds on May 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.96. Since that recommendation, shares of Dycom Inds have risen 7.6%. We continue to monitor DY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle dycom inds

Ticker(s): DY