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Possible Bullish Inside Day Candle Pattern Detected for Dow Chemical (NYSE:DOW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dow Chemical (NYSE:DOW) based on the price action in the company's shares. Today's price range of $48.93 and $49.46 is within yesterday'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 Dow Chemical may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Dow Chemical share prices have been bracketed by a low of $35.11 and a high of $57.10 and are now at $49.37, 41% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

The Dow Chemical Company is a diversified chemical company that provides chemical, plastic, and agricultural products and services to various essential consumer markets. The Company serves customers in countries around the world in markets such as food, transportation,health and medicine, personal care, and con struction.

Potential upside of 11.9% exists for Dow Chemical, based on a current level of $49.37 and analysts' average consensus price target of $55.24. The stock should find resistance at its 50-day moving average (MA) of $51.12, as well as support at its 200-day MA of $48.21.

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

Keywords: bullish inside day candle Dow Chemical

Ticker(s): DOW