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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Louisiana-Pacific (NYSE:LPX) based on the price action in the company's shares. Today's price range of $17.51 and $17.77 is within yesterday'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-Pacific may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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's products include oriented strand board sheathing, flooring, radiant barrier panels, siding and trim, I-joists, and laminated veneer lumber.

There is potential upside of 0.1% for shares of Louisiana-Pacific based on a current price of $17.57 and an average consensus analyst price target of $17.59. Louisiana-Pacific shares have support at the 50-day moving average (MA) of $16.85 and additional support at the 200-day MA of $16.49.

In the past 52 weeks, Louisiana-Pacific share prices have been bracketed by a low of $13.31 and a high of $18.97 and are now at $17.57, 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.2%.

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

Keywords: bearish inside day candle louisiana-pacific

Ticker(s): LPX