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Shares of Beacon Roofing Supply Has Risen Above Previous 52-Week High

By James Quinn

Shares of Beacon Roofing Supply (NASDAQ:BECN) traded at a new 52-week high today of $45.95. This new high was reached on approximately average trading volume as 367,000 shares traded hands, while the average 30-day volume is approximately 511,000 shares.

Beacon Roofing Supply, Inc. distributes residential and non-residential roofing materials in the United States and Canada. The Company also distributes other complementary building materials, including siding, windows, specialty lumber products, and waterproofing systems, for residential and non-residential building exteriors.

Beacon Roofing Supply has overhead space with shares priced $45.78, or 4.6% below the average consensus analyst price target of $48.00. The stock should discover initial support at its 50-day moving average (MA) of $41.15 and subsequent support at its 200-day MA of $37.96.

In the past 52 weeks, shares of Beacon Roofing Supply have traded between a low of $29.44 and a high of $45.95 and are now at $45.78, which is 56% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has risen 0.6%.

SmarTrend recommended that subscribers consider buying shares of Beacon Roofing Supply on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.21. Since that recommendation, shares of Beacon Roofing Supply have risen 25.6%. We continue to monitor BECN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows beacon roofing supply

Ticker(s): BECN