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Possible Bullish Inside Day Candle Pattern Detected for PPG Industries (NYSE:PPG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PPG Industries (NYSE:PPG) based on the price action in the company's shares. Today's price range of $99.04 and $100.34 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 PPG Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 20.2% exists for PPG Industries, based on a current level of $99.65 and analysts' average consensus price target of $119.75. The stock should find initial resistance at its 200-day moving average (MA) of $100.96 and further resistance at its 50-day MA of $108.70.

PPG Industries, Inc. supplies products for the manufacturing, construction, automotive, chemical processing, and other industries worldwide. The Company makes protective and decorative coatings, flat glass, fabricated glass products, continuous-strand fiber glass products, and industrial and specialty chemicals.

In the past 52 weeks, shares of PPG Industries have traded between a low of $82.93 and a high of $118.69 and are now at $99.65, which is 20% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

SmarTrend recommended that its subscribers protect gains by selling shares of PPG Industries on May 2nd, 2016 by issuing a Downtrend alert when the shares were trading at $110.15. Since that call, shares of PPG Industries have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle PPG Industries

Ticker(s): PPG