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Possible Bearish Inside Day Candle Pattern Detected for Worthington Inds (NYSE:WOR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Worthington Inds (NYSE:WOR) based on the price action in the company's shares. Yesterday's price range of $38.32 and $39.14 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 Worthington Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Worthington Inds share prices have moved between a 52-week high of $46.66 and a 52-week low of $31.42 and closed yesterday at 24% above that low price at $38.89 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.4%.

Worthington Industries, Inc., a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey.

Worthington Inds has overhead space with shares priced $38.89, or 13.6% below the average consensus analyst price target of $45.00. Worthington Inds shares have support at the 50-day moving average (MA) of $37.69 and additional support at the 200-day MA of $37.67.

SmarTrend is monitoring the recent change of momentum in Worthington Inds. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Worthington Inds in search of a potential trend change.

Keywords: bearish am inside day candle worthington inds

Ticker(s): WOR