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

By Shiri Gupta

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. Today's price range of $29.01 and $29.49 is within yesterday'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.

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.

There is potential upside of 24.4% for shares of Goodyear Tire & Rubber based on a current price of $29.10 and an average consensus analyst price target of $36.20. The stock should find initial resistance at its 200-day moving average (MA) of $31.07 and further resistance at its 50-day MA of $31.56.

Goodyear Tire & Rubber share prices have moved between a 52-week high of $35.30 and a 52-week low of $24.31 and are now trading 20% above that low price at $29.10 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

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 7.6%. We continue to monitor GT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle goodyear tire & rubber

Ticker(s): GT