• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Orion Group Hold (NYSE:ORN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Orion Group Hold (NYSE:ORN) based on the price action in the company's shares. Today's price range of $4.06 and $4.41 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 Orion Group Hold 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, Orion Group Hold share prices have been bracketed by a low of $1.80 and a high of $9.83 and are now at $4.27, 137% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has slid 1.4%.

Potential upside of 115.5% exists for Orion Group Hold, based on a current level of $4.27 and analysts' average consensus price target of $9.20. The stock should find initial support at its 200-day moving average (MA) of $3.91 and further support at its 50-day MA of $2.58.

Orion Group Holdings, Inc. offers marine construction services. The Company provides a wide range of marine construction services on, over, and under the water that include marine transportation facility construction, dredging, repair and maintenance, bridge building, marine pipeline construction, and other specialty services.

SmarTrend recommended that subscribers consider buying shares of Orion Group Hold on June 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.52. Since that recommendation, shares of Orion Group Hold have risen 50.0%. We continue to monitor ORN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle orion group hold

Ticker(s): ORN