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

By Nick Russo

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 $74.83 and $78.22 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.

Eagle Materials (NYSE:EXP) has potential upside of 7.9% based on a current price of $77.82 and analysts' consensus price target of $84.00. The stock should discover initial support at its 50-day moving average (MA) of $68.85 and subsequent support at its 200-day MA of $67.78.

Eagle Materials share prices have moved between a 52-week high of $88.81 and a 52-week low of $45.03 and closed yesterday at 73% above that low price at $77.82 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.8%.

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

Keywords: bullish am inside day candle eagle materials

Ticker(s): EXP