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Possible Bearish Inside Day Candle Pattern Detected for Us Concrete Inc (NASDAQ:USCR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Us Concrete Inc (NASDAQ:USCR) based on the price action in the company's shares. Yesterday's price range of $48.71 and $49.64 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 Us Concrete Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 71.1% for shares of Us Concrete Inc based on a current price of $48.92 and an average consensus analyst price target of $83.71. The stock should discover initial support at its 50-day moving average (MA) of $45.88 and subsequent support at its 200-day MA of $41.17.

US Concrete Inc. supplies concrete and related products. The Company supplies ready-mixed concrete, precast concrete, concrete block, aggregates, and concrete building materials. US Concrete serves the construction industry throughout the United States.

In the past 52 weeks, Us Concrete Inc share prices have been bracketed by a low of $27.68 and a high of $65.85 and closed yesterday at $48.92, 77% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Us Concrete Inc on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.33. Since that recommendation, shares of Us Concrete Inc have risen 37.1%. We continue to monitor USCR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle us concrete inc

Ticker(s): USCR