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Possible Bullish Inside Day Candle Pattern Detected for Eagle Materials (NYSE:EXP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eagle Materials (NYSE:EXP) based on the price action in the company's shares. Yesterday's price range of $94.16 and $95.72 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 Eagle Materials may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Eagle Materials has traded in a range of $45.03 to $110.64 and closed yesterday at $95.33, 112% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

Eagle Materials has overhead space with shares priced $95.33, or 19.0% below the average consensus analyst price target of $117.71. Eagle Materials shares have support at the 50-day moving average (MA) of $68.85 and additional support at the 200-day MA of $67.78.

Eagle Materials Inc. manufactures and distributes cement, gypsum wallboard, recycled paperboard, and concrete and aggregates. The Company's products are used in the construction of homes, commercial and industrial buildings, and governmental buildings across the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Eagle Materials on March 9th, 2017 by issuing a Downtrend alert when the shares were trading at $98.01. Since that call, shares of Eagle Materials have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle eagle materials

Ticker(s): EXP