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

By David Diaz

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 $34.42 and $35.36 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.

Beacon Roofing S share prices have moved between a 52-week high of $61.21 and a 52-week low of $24.96 and closed yesterday at 40% above that low price at $35.05 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 0.6%.

Beacon Roofing S has overhead space with shares priced $35.05, or 42.7% below the average consensus analyst price target of $61.17. The stock should find resistance at its 200-day moving average (MA) of $37.18, as well as support at its 50-day MA of $33.69.

Beacon Roofing Supply, Inc. distributes residential and non-residential roofing materials in the United States and Canada. The Company also distributes 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