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Possible Bearish Inside Day Candle Pattern Detected for Rogers Corp (NYSE:ROG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rogers Corp (NYSE:ROG) based on the price action in the company's shares. Yesterday's price range of $160.66 and $163.90 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 Rogers Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Rogers Corp has traded in a range of $89.21 to $164.94 and closed yesterday at $160.83, 80% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.1%.

Rogers Corporation manufactures and markets specialty materials and components for applications in the communications, computer, imaging, consumer, and transportation markets. The Company's products include elastomers, high frequency circuit materials, flexible circuit materials, molding materials, and composite materials. Rogers sells its products around the world.

Rogers Corp (NYSE:ROG) is currently priced 5.7% above its average consensus analyst price target of $151.67. The stock should find initial support at its 50-day moving average (MA) of $143.45 and further support at its 200-day MA of $128.40.

SmarTrend is tracking the current trend status for Rogers Corp and will alert subscribers who have ROG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle rogers corp

Ticker(s): ROG