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

By James Quinn

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 $57.91 and $59.31 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 123.3% exists for Dycom Inds, based on a current level of $59.47 and analysts' average consensus price target of $132.78. The stock should run into initial resistance at its 50-day moving average (MA) of $61.84 and subsequent resistance at its 200-day MA of $84.52.

In the past 52 weeks, Dycom Inds share prices have been bracketed by a low of $47.77 and a high of $123.99 and closed yesterday at $59.47, 24% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 1.6%.

Dycom Industries, Inc. provides specialty contracting services to the telecommunications and infrastructure industry. The Company offers engineering, construction, maintenance, and installation services to telecommunications providers and electric and gas utilities, as well as underground facility locating services.

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

Keywords: bearish am inside day candle dycom inds

Ticker(s): DY