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

By Amy Schwartz

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 $64.65 and $69.30 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.

In the past 52 weeks, shares of Installed Buildi have traded between a low of $30.16 and a high of $79.40 and closed yesterday at $64.70, which is 115% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.9%.

Potential upside of 14.4% exists for Installed Buildi, based on a current level of $64.70 and analysts' average consensus price target of $74.00. Installed Buildi shares have support at the 50-day moving average (MA) of $25.80 and additional support at the 200-day MA of $24.75.

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.

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