Possible Bullish Inside Day Candle Pattern Detected for Domtar (NYSE:UFS)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Domtar (NYSE:UFS) based on the price action in the company's shares. Yesterday's price range of $37.53 and $37.84 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 Domtar 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 20.3% for shares of Domtar based on a current price of $37.72 and an average consensus analyst price target of $45.39. The stock should run into initial resistance at its 200-day moving average (MA) of $37.88 and subsequent resistance at its 50-day MA of $38.45.
Domtar share prices have moved between a 52-week high of $45.77 and a 52-week low of $29.88 and closed yesterday at 26% above that low price at $37.72 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.
Domtar Corporation produces uncoated freesheet paper. The Company manufactures business papers, commercial printing and publication papers, and technical and specialty papers. Domtar manages forestland in Canada and the United States, and produces lumber and other wood products.
SmarTrend is tracking the current trend status for Domtar and will alert subscribers who have UFS in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish am inside day candle domtar