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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Masco (NYSE:MAS) based on the price action in the company's shares. Today's price range of $33.63 and $33.92 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Masco share prices have moved between a 52-week high of $37.38 and a 52-week low of $22.52 and are now trading 50% above that low price at $33.76 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.7%.

Masco (NYSE:MAS) has potential upside of 12.4% based on a current price of $33.76 and analysts' consensus price target of $37.94. The stock should find initial support at its 50-day moving average (MA) of $30.83 and further support at its 200-day MA of $28.06.

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.

SmarTrend recommended that subscribers consider buying shares of Masco on November 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.33. Since that recommendation, shares of Masco have risen 5.0%. We continue to monitor MAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle MASCO

Ticker(s): MAS