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Possible Bearish Inside Day Candle Pattern Detected for Toll Brothers (NYSE:TOL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Toll Brothers (NYSE:TOL) based on the price action in the company's shares. Yesterday's price range of $36.08 and $36.41 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 Toll Brothers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Toll Brothers share prices have moved between a 52-week high of $42.19 and a 52-week low of $23.75 and closed yesterday at 53% above that low price at $36.36 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.2%.

Toll Brothers has overhead space with shares priced $36.36, or 3.9% below the average consensus analyst price target of $37.85. The stock should discover initial support at its 200-day moving average (MA) of $32.95 and subsequent support at its 50-day MA of $28.58.

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States. The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

SmarTrend recommended that subscribers consider buying shares of Toll Brothers on November 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.30. Since that recommendation, shares of Toll Brothers have risen 24.3%. We continue to monitor TOL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Toll Brothers

Ticker(s): TOL