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

By Shiri Gupta

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. Yesterday's price range of $53.47 and $55.00 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 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.

In the past 52 weeks, shares of Tenneco have traded between a low of $34.45 and a high of $61.73 and closed yesterday at $54.54, which is 58% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

Potential upside of 14.1% exists for Tenneco, based on a current level of $54.54 and analysts' average consensus price target of $62.25. The stock should find initial support at its 50-day moving average (MA) of $49.36 and further support at its 200-day MA of $47.72.

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.

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 am inside day candle tenneco

Ticker(s): TEN