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Possible Bullish Inside Day Candle Pattern Detected for Masco Corp (NYSE:MAS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Masco Corp (NYSE:MAS) based on the price action in the company's shares. Yesterday's price range of $37.02 and $37.28 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 Masco Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Masco Corporation manufactures and sells home improvement and building products. The Company's products include faucets, kitchen and bath cabinets, architectural coatings, and builders hardware products. Masco sells its products through mass merchandisers, home centers, hardware stores, and other wholesale and retail outlets to consumers and contractors.

Over the past year, Masco Corp has traded in a range of $27.03 to $41.00 and closed yesterday at $37.24, 38% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Masco Corp (NYSE:MAS) has potential upside of 24.5% based on a current price of $37.24 and analysts' consensus price target of $46.35. Masco Corp shares should encounter resistance at the 50-day moving average (MA) of $39.05 and support at its 200-day MA of $35.38.

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

Keywords: bullish am inside day candle masco corp

Ticker(s): MAS