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Possible Bearish Inside Day Candle Pattern Detected for Gibraltar Indust (NASDAQ:ROCK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gibraltar Indust (NASDAQ:ROCK) based on the price action in the company's shares. Yesterday's price range of $34.25 and $35.00 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 Gibraltar Indust may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Gibraltar Indust has traded in a range of $25.61 to $48.05 and closed yesterday at $34.55, 35% above that low. The 200-day and 50-day moving averages have moved 0.48% higher and 0.34% higher over the past week, respectively.

Gibraltar Industries Inc is a manufacturer, processor, and distributor of metals and other engineered materials for the building products, vehicular, and other industrial markets. The Company serves customers in a variety of industries in North and South America, Europe, and Asia.

Based on a current price of $34.55, Gibraltar Indust is currently 4.5% above its average consensus analyst price target of $33.00. The stock should find initial support at its 50-day moving average (MA) of $26.61 and further support at its 200-day MA of $22.61.

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

Keywords: bearish am inside day candle gibraltar indust

Ticker(s): ROCK