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Possible Bullish Inside Day Candle Pattern Detected for Owens Corning (NYSE:OC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Owens Corning (NYSE:OC) based on the price action in the company's shares. Yesterday's price range of $50.30 and $51.02 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 Owens Corning may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide.

Owens Corning share prices have moved between a 52-week high of $67.43 and a 52-week low of $40.64 and closed yesterday at 26% above that low price at $51.02 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.5%.

Owens Corning has overhead space with shares priced $51.02, or 42.7% below the average consensus analyst price target of $89.00. The stock should discover initial support at its 50-day moving average (MA) of $50.93 and subsequent support at its 200-day MA of $50.37.

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

Keywords: bullish am inside day candle Owens Corning

Ticker(s): OC