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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Valmont Industries (NYSE:VMI) based on the price action in the company's shares. Yesterday's price range of $151.70 and $153.75 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 Valmont 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.

Valmont Industries, Inc. designs and manufactures poles, towers, and structures for lighting, communication, and utility markets and provides protective coating services for infrastructure. The Company also manufactures and distributes industrial and agricultural irrigation products in addition to a wide variety of fabricated products for commercial and industrial applications.

Potential upside of 5.3% exists for Valmont Industries, based on a current level of $153.60 and analysts' average consensus price target of $161.67. Valmont Industries shares have support at the 50-day moving average (MA) of $124.29 and additional support at the 200-day MA of $111.31.

In the past 52 weeks, Valmont Industries share prices have been bracketed by a low of $92.33 and a high of $165.20 and closed yesterday at $153.60, 66% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has risen 0.3%.

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

Keywords: bullish am inside day candle valmont industries

Ticker(s): VMI