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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Worthington Industries (NYSE:WOR) based on the price action in the company's shares. Yesterday's price range of $36.51 and $37.12 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 Worthington 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.

Over the past year, Worthington Industries has traded in a range of $21.72 to $41.07 and closed yesterday at $36.96, 70% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.6%.

Worthington Industries, Inc., through its subsidiaries, processes steel and fabricates metal, focusing on specialized products requiring exact specifications. The Company's products include flat rolled steel, pressure cylinders, metal framing products, and automotive body panels. Worthington also provides technical services.

Worthington Industries (NYSE:WOR) is currently priced 20.2% above its average consensus analyst price target of $29.50. Worthington Industries shares have support at the 50-day moving average (MA) of $35.47 and additional support at the 200-day MA of $30.07.

SmarTrend is tracking the current trend status for Worthington Industries and will alert subscribers who have WOR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Worthington Industries

Ticker(s): WOR