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Possible Bearish Inside Day Candle Pattern Detected for Installed Buildi (NYSE:IBP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Installed Buildi (NYSE:IBP) based on the price action in the company's shares. Yesterday's price range of $54.76 and $55.20 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 Installed Buildi 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, Installed Buildi has traded in a range of $29.24 to $65.85 and closed yesterday at $55.00, 88% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Installed Building Products Inc installs residential insulation in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors.

There is potential upside of 27.8% for shares of Installed Buildi based on a current price of $55.00 and an average consensus analyst price target of $70.29. The stock should find initial support at its 50-day moving average (MA) of $49.59 and further support at its 200-day MA of $42.83.

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

Keywords: bearish am inside day candle installed buildi

Ticker(s): IBP