• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Summit Materia-A (NYSE:SUM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Summit Materia-A (NYSE:SUM) based on the price action in the company's shares. Yesterday's price range of $23.33 and $23.79 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 Summit Materia-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Summit Materials, Inc. manufactures cement and concrete products. The Company produces cement and ready mix products which includes blocks, pipes, bricks, walls, and girders. Summit Materials serves customers in the United States.

Potential upside of 57.5% exists for Summit Materia-A, based on a current level of $23.75 and analysts' average consensus price target of $37.40. The stock should find initial support at its 50-day moving average (MA) of $21.87 and further support at its 200-day MA of $18.03.

Summit Materia-A share prices have moved between a 52-week high of $24.25 and a 52-week low of $11.25 and closed yesterday at 111% above that low price at $23.75 per share. The 200-day and 50-day moving averages have moved 1.03% higher and 1.66% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Summit Materia-A and will alert subscribers who have SUM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle summit materia-a

Ticker(s): SUM