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Possible Bearish Inside Day Candle Pattern Detected for Patrick Inds Inc (NASDAQ:PATK)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Patrick Inds Inc (NASDAQ:PATK) based on the price action in the company's shares. Yesterday's price range of $29.00 and $31.32 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 Patrick Inds Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 163.2% exists for Patrick Inds Inc, based on a current level of $29.70 and analysts' average consensus price target of $78.17. The stock should find initial resistance at its 200-day moving average (MA) of $46.27 and further resistance at its 50-day MA of $47.51.

In the past 52 weeks, shares of Patrick Inds Inc have traded between a low of $16.70 and a high of $64.38 and closed yesterday at $29.70, which is 78% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 5.4%.

Patrick Industries, Inc. manufactures and distributes building products for the manufactured housing, recreational vehicle, furniture manufacturing, marine, automotive aftermarket, and other industries. The Company manufactures vinyl and paper panels, cabinet doors, countertops, aluminum extrusions, drawer sides, pleated shades, wood adhesives, and laminating machines.

SmarTrend is monitoring the recent change of momentum in Patrick Inds Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Patrick Inds Inc in search of a potential trend change.

Keywords: bearish am inside day candle patrick inds inc

Ticker(s): PATK