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Possible Bearish Inside Day Candle Pattern Detected for Louisiana-Pacifi (NYSE:LPX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Louisiana-Pacifi (NYSE:LPX) based on the price action in the company's shares. Yesterday's price range of $24.28 and $24.48 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 Louisiana-Pacifi 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, Louisiana-Pacifi share prices have been bracketed by a low of $20.39 and a high of $32.16 and closed yesterday at $24.30, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.2%.

Louisiana-Pacific Corporation manufactures building materials and engineered wood products in the United States, Canada, Chile, and Brazil. The Company's products are used by homebuilders and light commercial builders. Louisiana Pacific products include oriented strand board sheathing, flooring, radiant barrier panels, siding and trim, i-joists, and laminated veneer lumber.

Potential upside of 32.1% exists for Louisiana-Pacifi, based on a current level of $24.30 and analysts' average consensus price target of $32.09. Louisiana-Pacifi shares should first meet resistance at the 50-day moving average (MA) of $24.64 and find additional resistance at the 200-day MA of $24.90.

SmarTrend is tracking the current trend status for Louisiana-Pacifi and will alert subscribers who have LPX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle louisiana-pacifi

Ticker(s): LPX