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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gibraltar Industries (NASDAQ:ROCK) based on the price action in the company's shares. Yesterday's price range of $41.65 and $42.25 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 Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Gibraltar Industries share prices have been bracketed by a low of $12.65 and a high of $48.05 and closed yesterday at $41.85, 231% above that low price. 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.

Potential upside of 21.9% exists for Gibraltar Industries, based on a current level of $41.85 and analysts' average consensus price target of $51.00. Gibraltar Industries shares have support at the 50-day moving average (MA) of $26.61 and additional support at the 200-day MA of $22.61.

SmarTrend is tracking the current trend status for Gibraltar Industries and will alert subscribers who have ROCK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle gibraltar industries

Ticker(s): ROCK