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Possible Bullish Inside Day Candle Pattern Detected for Tenneco (NYSE:TEN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tenneco (NYSE:TEN) based on the price action in the company's shares. Today's price range of $53.47 and $54.18 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 Tenneco may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Tenneco share prices have moved between a 52-week high of $61.73 and a 52-week low of $34.45 and are now trading 57% above that low price at $54.08 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Tenneco Inc. designs, manufactures, and markets emission control and ride control products and systems for the automotive original equipment market and the aftermarket. The Company's products include shocks and struts, shock absorbers, mufflers, and performance exhaust products, as well as noise, vibration, and harshness control components.

Potential upside of 15.1% exists for Tenneco, based on a current level of $54.08 and analysts' average consensus price target of $62.25. The stock should discover initial support at its 50-day moving average (MA) of $49.36 and subsequent support at its 200-day MA of $47.72.

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

Keywords: bullish inside day candle tenneco

Ticker(s): TEN