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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Thor Industries (NYSE:THO) based on the price action in the company's shares. Yesterday's price range of $66.14 and $67.25 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 Thor Industries 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, Thor Industries has traded in a range of $42.05 to $76.16 and closed yesterday at $66.75, 59% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has remained constant.

Thor Industries, Inc., through its subsidiaries, designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories primarily in the United States and Canada. It operates in two segments, Towable Recreational Vehicles and Motorized Recreational Vehicles.

Potential upside of 132.9% exists for Thor Industries, based on a current level of $66.75 and analysts' average consensus price target of $155.45. The stock should discover initial support at its 200-day moving average (MA) of $58.84 and subsequent support at its 50-day MA of $54.25.

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

Keywords: bearish am inside day candle thor industries

Ticker(s): THO