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Possible Bearish Inside Day Candle Pattern Detected for Textainer Group (NYSE:TGH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Textainer Group (NYSE:TGH) based on the price action in the company's shares. Yesterday's price range of $10.37 and $10.83 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 Textainer Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Textainer Group share prices have been bracketed by a low of $6.40 and a high of $14.17 and closed yesterday at $10.65, 66% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

Textainer Group Holdings Limited leases intermodal containers. The Company operates in the core segments such as ownership, management, and container resales with principal operations being the leasing of dry freight containers.

There is potential upside of 99.5% for shares of Textainer Group based on a current price of $10.65 and an average consensus analyst price target of $21.25. The stock should discover initial support at its 50-day moving average (MA) of $10.21 and subsequent support at its 200-day MA of $9.65.

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

Keywords: bearish am inside day candle textainer group

Ticker(s): TGH