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Possible Bearish Inside Day Candle Pattern Detected for Great Lakes Dredge & Dock (NASDAQ:GLDD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Great Lakes Dredge & Dock (NASDAQ:GLDD) based on the price action in the company's shares. Yesterday's price range of $4.42 and $4.60 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 Great Lakes Dredge & Dock 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, Great Lakes Dredge & Dock has traded in a range of $2.96 to $8.13 and closed yesterday at $4.51, 52% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has slid 0.7%.

Great Lakes Dredge & Dock Company offers marine services. The Company deepens and maintains waterways, shipping channels, and ports; creates and maintains beaches; excavates harbors and build docks, terminals and piers; restores aquatic and wetland habitats; and excavates pipeline, cable, and tunnel trenches.

Great Lakes Dredge & Dock (NASDAQ:GLDD) has potential upside of 24.7% based on a current price of $4.51 and analysts' consensus price target of $5.62. The stock should discover initial support at its 200-day moving average (MA) of $4.50 and subsequent support at its 50-day MA of $3.81.

SmarTrend recommended that subscribers consider buying shares of Great Lakes Dredge & Dock on March 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.96. Since that recommendation, shares of Great Lakes Dredge & Dock have risen 16.4%. We continue to monitor GLDD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle great lakes dredge & dock

Ticker(s): GLDD