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Possible Bullish Inside Day Candle Pattern Detected for Beacon Roofing S (NASDAQ:BECN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Beacon Roofing S (NASDAQ:BECN) based on the price action in the company's shares. Yesterday's price range of $29.60 and $30.13 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 Beacon Roofing S may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 106.3% for shares of Beacon Roofing S based on a current price of $29.65 and an average consensus analyst price target of $61.17. The stock should find initial resistance at its 50-day moving average (MA) of $32.58 and further resistance at its 200-day MA of $34.47.

Over the past year, Beacon Roofing S has traded in a range of $26.50 to $40.00 and closed yesterday at $29.65, 12% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.2%.

Beacon Roofing Supply, Inc. distributes residential and non-residential roofing materials in the United States and Canada. The Company also offers other complementary building materials, including siding, windows, specialty lumber products, and waterproofing systems for residential and non-residential building exteriors.

SmarTrend is tracking the current trend status for Beacon Roofing S and will alert subscribers who have BECN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle beacon roofing s

Ticker(s): BECN