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Possible Bearish Inside Day Candle Pattern Detected for Lgi Homes Inc (NASDAQ:LGIH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lgi Homes Inc (NASDAQ:LGIH) based on the price action in the company's shares. Yesterday's price range of $59.70 and $61.98 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 Lgi Homes Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

LGI Homes, Inc. operates as a home builder. The Company designs and builds homes. LGI Homes serves customers in the States of Texas, Arizona, Florida, and Georgia.

Over the past year, Lgi Homes Inc has traded in a range of $33.00 to $95.72 and closed yesterday at $60.58, 84% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 4.5%.

Lgi Homes Inc (NASDAQ:LGIH) has potential upside of 31.6% based on a current price of $60.58 and analysts' consensus price target of $79.75. The stock should find resistance at its 200-day moving average (MA) of $72.72, as well as support at its 50-day MA of $58.13.

SmarTrend is tracking the current trend status for Lgi Homes Inc and will alert subscribers who have LGIH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle lgi homes inc

Ticker(s): LGIH