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

By Nick Russo

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. Today's price range of $51.03 and $51.20 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 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 (NYSE:OC) has potential upside of 74.0% based on a current price of $51.16 and analysts' consensus price target of $89.00. The stock should find initial support at its 50-day moving average (MA) of $50.87 and further support at its 200-day MA of $50.14.

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide.

Over the past year, Owens Corning has traded in a range of $40.64 to $67.43 and is now at $51.16, 26% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.3%.

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 inside day candle Owens Corning

Ticker(s): OC