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Possible Bearish Inside Day Candle Pattern Detected for Universal Forest (NASDAQ:UFPI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Universal Forest (NASDAQ:UFPI) based on the price action in the company's shares. Yesterday's price range of $31.00 and $31.00 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 Universal Forest may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Universal Forest Products, Inc. engineers, manufactures, treats, and distributes lumber products for the do-it-yourself (DIY), manufactured housing, industrial and site-built construction markets. The company distributes its products through home-center retailers, retail and contractor-oriented regional lumberyards, and to builders and modular-home contractors.

Universal Forest has overhead space with shares priced $31.04, or 26.7% below the average consensus analyst price target of $42.33. The stock should find resistance at its 200-day moving average (MA) of $32.60, as well as support at its 50-day MA of $30.27.

Universal Forest share prices have moved between a 52-week high of $39.41 and a 52-week low of $24.14 and closed yesterday at 29% above that low price at $31.04 per share. The 200-day and 50-day moving averages have moved 0.27% lower and 0.90% higher over the past week, respectively.

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

Keywords: bearish am inside day candle universal forest

Ticker(s): UFPI