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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 $59.90 and $60.36 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 share prices have moved between a 52-week high of $61.53 and a 52-week low of $40.64 and are now trading 49% above that low price at $60.36 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.

Potential upside of 47.4% exists for Owens Corning, based on a current level of $60.36 and analysts' average consensus price target of $89.00. Owens Corning shares have support at the 50-day moving average (MA) of $56.37 and additional support at the 200-day MA of $51.28.

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.

SmarTrend recommended that subscribers consider buying shares of Owens Corning on August 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.30. Since that recommendation, shares of Owens Corning have risen 5.6%. We continue to monitor OC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Owens Corning

Ticker(s): OC