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Possible Bullish Inside Day Candle Pattern Detected for Amer Woodmark Co (NASDAQ:AMWD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amer Woodmark Co (NASDAQ:AMWD) based on the price action in the company's shares. Yesterday's price range of $84.30 and $86.75 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. Traders and investors interested in shares of Amer Woodmark Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Amer Woodmark Co has overhead space with shares priced $86.30, or 41.7% below the average consensus analyst price target of $148.00. The stock should run into initial resistance at its 50-day moving average (MA) of $92.98 and subsequent resistance at its 200-day MA of $106.33.

Over the past year, Amer Woodmark Co has traded in a range of $78.75 to $148.44 and closed yesterday at $86.30, 10% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

American Woodmark Corporation manufactures kitchen cabinets and vanities for the remodeling and new home construction markets. The Company offers a wide variety of cabinet lines differing by design, material, and finishes. American Woodmark's products are sold throughout the United States through independent distributors and directly to home centers, builders, and home manufacturers.

SmarTrend is tracking the current trend status for Amer Woodmark Co and will alert subscribers who have AMWD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amer woodmark co

Ticker(s): AMWD