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Possible Bearish Inside Day Candle Pattern Detected for Builders Firstso (NASDAQ:BLDR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Builders Firstso (NASDAQ:BLDR) based on the price action in the company's shares. Yesterday's price range of $17.98 and $19.22 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. Owners of Builders Firstso may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Builders Firstso (NASDAQ:BLDR) has potential upside of 38.4% based on a current price of $18.35 and analysts' consensus price target of $25.40. Builders Firstso shares should encounter resistance at the 200-day moving average (MA) of $21.08 and support at the 50-day MA of $16.64.

Builders FirstSource, Inc. manufactures and distributes building products to professional homebuilders.

Over the past year, Builders Firstso has traded in a range of $9.00 to $28.43 and closed yesterday at $18.35, 104% above that low. The 200-day and 50-day moving averages have moved 0.08% higher and 4.49% lower over the past week, respectively.

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

Keywords: bearish am inside day candle builders firstso

Ticker(s): BLDR