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Possible Bearish Inside Day Candle Pattern Detected for Granite Constr (NYSE:GVA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Granite Constr (NYSE:GVA) based on the price action in the company's shares. Yesterday's price range of $43.41 and $44.23 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 Granite Constr may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Granite Constr (NYSE:GVA) has potential upside of 76.9% based on a current price of $44.26 and analysts' consensus price target of $78.29. Granite Constr shares should first meet resistance at the 50-day moving average (MA) of $46.09 and find additional resistance at the 200-day MA of $50.10.

Granite Construction Incorporated is a heavy civil construction and transportation contractor serving both public and private sector clients. The Company concentrates on infrastructure projects, including the construction of roads, bridges, dams, tunnels, mass transit facilities, and airports. Granite also performs site preparation services for the private sector.

Over the past year, Granite Constr has traded in a range of $38.55 to $68.58 and closed yesterday at $44.26, 15% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.6%.

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

Keywords: bearish am inside day candle granite constr

Ticker(s): GVA