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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Masco (NYSE:MAS) based on the price action in the company's shares. Today's price range of $29.41 and $29.68 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 Masco 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 (NYSE:MAS) has potential upside of 3.6% based on a current price of $29.52 and analysts' consensus price target of $30.59. The stock should find resistance at its 50-day moving average (MA) of $30.83, as well as support at its 200-day MA of $28.06.

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 has traded in a range of $22.52 to $32.92 and is now at $29.52, 31% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.7%.

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

Keywords: bullish inside day candle MASCO

Ticker(s): MAS