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Possible Bearish Inside Day Candle Pattern Detected for Installed Buildi (NYSE:IBP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Installed Buildi (NYSE:IBP) based on the price action in the company's shares. Yesterday's price range of $49.04 and $51.90 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 Installed Buildi may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Installed Building Products Inc installs residential insulation in the United States. The Company also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors.

Over the past year, Installed Buildi has traded in a range of $29.02 to $80.25 and closed yesterday at $49.31, 70% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.4% while the 200-day MA has slid 0.3%.

Potential upside of 42.5% exists for Installed Buildi, based on a current level of $49.31 and analysts' average consensus price target of $70.29. The stock should hit resistance at its 200-day moving average (MA) of $60.60, as well as support at its 50-day MA of $48.18.

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

Keywords: bearish am inside day candle installed buildi

Ticker(s): IBP