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Possible Bearish Inside Day Candle Pattern Detected for PPG Industries (NYSE:PPG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in PPG Industries (NYSE:PPG) based on the price action in the company's shares. Today's price range of $109.41 and $110.38 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 PPG Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

PPG Industries (NYSE:PPG) has potential upside of 0.5% based on a current price of $109.63 and analysts' consensus price target of $110.20. PPG Industries shares have support at the 50-day moving average (MA) of $108.70 and additional support at the 200-day MA of $100.96.

In the past 52 weeks, shares of PPG Industries have traded between a low of $82.93 and a high of $118.69 and are now at $109.63, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

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.

SmarTrend recommended that subscribers consider buying shares of PPG Industries on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $96.99. Since that recommendation, shares of PPG Industries have risen 13.8%. We continue to monitor PPG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle PPG Industries

Ticker(s): PPG