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Possible Bearish Inside Day Candle Pattern Detected for Griffon Corp (NYSE:GFF)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Griffon Corp (NYSE:GFF) based on the price action in the company's shares. Yesterday's price range of $11.65 and $12.66 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 Griffon Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Griffon Corporation manufactures building products, specialty plastic films, and electronic information and communication systems. The Company's products include garage doors, materials for disposable diapers, disposable health care products, sensor systems, and information and command and control systems. Griffon sells its products in the United States.

In the past 52 weeks, shares of Griffon Corp have traded between a low of $9.15 and a high of $25.50 and closed yesterday at $12.13, which is 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 4.7%.

Griffon Corp (NYSE:GFF) has potential upside of 114.3% based on a current price of $12.13 and analysts' consensus price target of $26.00. Griffon Corp shares should first meet resistance at the 50-day moving average (MA) of $17.79 and find additional resistance at the 200-day MA of $18.80.

SmarTrend recommended that its subscribers protect gains by selling shares of Griffon Corp on February 27th, 2020 by issuing a Downtrend alert when the shares were trading at $18.13. Since that call, shares of Griffon Corp have fallen 33.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle griffon corp

Ticker(s): GFF