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Possible Bearish Inside Day Candle Pattern Detected for Owens Corning (NYSE:OC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Owens Corning (NYSE:OC) based on the price action in the company's shares. Yesterday's price range of $66.73 and $67.86 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 Owens Corning may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Owens Corning produces residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems. The Company offers its products globally to various industries.

Potential upside of 32.3% exists for Owens Corning, based on a current level of $67.27 and analysts' average consensus price target of $89.00. The stock should discover initial support at its 50-day moving average (MA) of $65.62 and subsequent support at its 200-day MA of $58.10.

In the past 52 weeks, shares of Owens Corning have traded between a low of $44.46 and a high of $68.72 and closed yesterday at $67.27, which is 51% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.4%.

SmarTrend is monitoring the recent change of momentum in Owens Corning. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Owens Corning in search of a potential trend change.

Keywords: bearish am inside day candle Owens Corning

Ticker(s): OC