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

By Amy Schwartz

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. Yesterday's price range of $51.79 and $52.28 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 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, shares of Dow Chemical have traded between a low of $35.11 and a high of $57.10 and closed yesterday at $51.83, which is 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

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 6.6% exists for Dow Chemical, based on a current level of $51.83 and analysts' average consensus price target of $55.24. The stock should find initial support at its 50-day moving average (MA) of $51.12 and further support at its 200-day MA of $48.21.

SmarTrend is tracking the current trend status for Dow Chemical and will alert subscribers who have DOW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Dow Chemical

Ticker(s): DOW