• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Greenbrier Cos (NYSE:GBX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Greenbrier Cos (NYSE:GBX) based on the price action in the company's shares. Yesterday's price range of $35.90 and $36.80 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 Greenbrier Cos may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 37.3% exists for Greenbrier Cos, based on a current level of $35.95 and analysts' average consensus price target of $49.38. Greenbrier Cos shares have support at the 200-day moving average (MA) of $32.64 and additional support at the 50-day MA of $28.10.

The Greenbrier Companies, Inc. supplies transportation equipment and services to the railroad and related industries. The Company's manufacturing segment produces railcars and marine vessels. Greenbrier also provides repair and refurbishment for intermodal and conventional railcars. In addition, the Company provides complementary leasing and services activities.

Over the past year, Greenbrier Cos has traded in a range of $19.89 to $64.45 and closed yesterday at $35.95, 81% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Greenbrier Cos on June 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.68. Since that recommendation, shares of Greenbrier Cos have risen 24.5%. We continue to monitor GBX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle greenbrier cos

Ticker(s): GBX