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Possible Bearish Inside Day Candle Pattern Detected for Masco Corp (NYSE:MAS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Masco Corp (NYSE:MAS) based on the price action in the company's shares. Today's price range of $38.59 and $38.83 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 Masco Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Masco Corp (NYSE:MAS) has potential upside of 19.4% based on a current price of $38.83 and analysts' consensus price target of $46.35. The stock should hit resistance at its 200-day moving average (MA) of $40.49, as well as support at its 50-day MA of $37.96.

Masco Corporation manufactures and sells home improvement and building products. The Company's products include faucets, kitchen and bath cabinets, architectural coatings, and builders hardware products. Masco sells its products through mass merchandisers, home centers, hardware stores, and other wholesale and retail outlets to consumers and contractors.

Masco Corp share prices have moved between a 52-week high of $46.45 and a 52-week low of $35.79 and are now trading 8% above that low price at $38.83 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Masco Corp on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $43.27. Since that call, shares of Masco Corp have fallen 9.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle masco corp

Ticker(s): MAS