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Possible Bullish Inside Day Candle Pattern Detected for Potlatch (NYSE:PCH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Potlatch (NYSE:PCH) based on the price action in the company's shares. Yesterday's price range of $37.89 and $38.31 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 Potlatch may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potlatch share prices have moved between a 52-week high of $39.91 and a 52-week low of $24.01 and closed yesterday at 59% above that low price at $38.18 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has remained constant.

Potlatch Corporation is a real estate investment trust that owns timberlands in Arkansas, Idaho, Minnesota and Wisconsin. The Company grows and harvests timber, as well as manufactures and sells wood products, printing papers, and other pulp-based products. Potlatch's timberlands and all of its manufacturing facilities are located in the continental United States.

Potlatch (NYSE:PCH) is currently priced 0.1% above its average consensus analyst price target of $38.14. The stock should find initial support at its 50-day moving average (MA) of $31.38 and further support at its 200-day MA of $30.98.

SmarTrend recommended that subscribers consider buying shares of Potlatch on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.72. Since that recommendation, shares of Potlatch have risen 5.8%. We continue to monitor PCH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle potlatch

Ticker(s): PCH