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Possible Bearish Inside Day Candle Pattern Detected for Ppg Inds Inc (NYSE:PPG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ppg Inds Inc (NYSE:PPG) based on the price action in the company's shares. Yesterday's price range of $101.50 and $102.38 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 Ppg Inds Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ppg Inds Inc (NYSE:PPG) has potential upside of 18.2% based on a current price of $102.65 and analysts' consensus price target of $121.35. The stock should find initial resistance at its 50-day moving average (MA) of $103.74 and further resistance at its 200-day MA of $106.00.

PPG Industries, Inc. supplies products for the manufacturing, construction, automotive, chemical processing, and other industries worldwide. The Company makes protective and decorative coatings, flat glass, fabricated glass products, continuous-strand fiber glass products, and industrial and specialty chemicals.

Ppg Inds Inc share prices have moved between a 52-week high of $122.07 and a 52-week low of $94.37 and closed yesterday at 9% above that low price at $102.65 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

SmarTrend is tracking the current trend status for Ppg Inds Inc and will alert subscribers who have PPG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ppg inds inc

Ticker(s): PPG