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Possible Bearish Inside Day Candle Pattern Detected for Goodyear Tire & Rubber (NYSE:GT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Goodyear Tire & Rubber (NYSE:GT) based on the price action in the company's shares. Yesterday's price range of $29.01 and $29.49 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 Goodyear Tire & Rubber 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, Goodyear Tire & Rubber has traded in a range of $24.31 to $35.30 and closed yesterday at $29.30, 21% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Goodyear Tire & Rubber (NYSE:GT) has potential upside of 23.5% based on a current price of $29.30 and analysts' consensus price target of $36.20. Goodyear Tire & Rubber shares should first meet resistance at the 200-day moving average (MA) of $31.07 and find additional resistance at the 50-day MA of $31.56.

The Goodyear Tire & Rubber Company develops, manufactures, distributes, and sells tires for most applications. The Company also manufactures and markets several lines of rubber and rubber-related chemicals and provides automotive repair services. Goodyear also retreads truck, aircraft, and heavy equipment tires. The Company provides its products and services worldwide.

SmarTrend recommended that subscribers consider buying shares of Goodyear Tire & Rubber on July 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.44. Since that recommendation, shares of Goodyear Tire & Rubber have risen 6.8%. We continue to monitor GT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle goodyear tire & rubber

Ticker(s): GT