• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Insteel Inds (NASDAQ:IIIN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Insteel Inds (NASDAQ:IIIN) based on the price action in the company's shares. Yesterday's price range of $27.46 and $28.09 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 Insteel Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Insteel Industries, Inc. manufactures and markets wire products. The Company's products include concrete reinforcing products, tire bead wire, and industrial wire for a range of construction and industrial applications. Insteel's products are sold directly to users and through wholesalers and distributors located in the United States, Canada, Mexico, and Central and South America.

In the past 52 weeks, shares of Insteel Inds have traded between a low of $22.50 and a high of $43.78 and closed yesterday at $27.77, which is 23% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.8%.

Insteel Inds (NASDAQ:IIIN) has potential upside of 22.4% based on a current price of $27.77 and analysts' consensus price target of $34.00. The stock should find initial resistance at its 200-day moving average (MA) of $32.88 and further resistance at its 50-day MA of $33.03.

SmarTrend recommended that its subscribers protect gains by selling shares of Insteel Inds on August 29th, 2018 by issuing a Downtrend alert when the shares were trading at $38.81. Since that call, shares of Insteel Inds have fallen 27.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle insteel inds

Ticker(s): IIIN