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Possible Bearish Inside Day Candle Pattern Detected for Owens Corning (NYSE:OC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Owens Corning (NYSE:OC) based on the price action in the company's shares. Today's price range of $42.19 and $43.23 is within yesterday'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 Owens Corning may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Owens Corning produces residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems. The Company offers its products globally to various industries.

In the past 52 weeks, shares of Owens Corning have traded between a low of $28.56 and a high of $68.72 and are now at $42.65, which is 49% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 3% while the 200-day MA has slid 0.4%.

There is potential upside of 108.7% for shares of Owens Corning based on a current price of $42.65 and an average consensus analyst price target of $89.00. The stock should run into initial resistance at its 50-day moving average (MA) of $43.90 and subsequent resistance at its 200-day MA of $57.09.

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

Keywords: bearish inside day candle Owens Corning

Ticker(s): OC