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Possible Bearish Inside Day Candle Pattern Detected for Quanex Building (NYSE:NX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Quanex Building (NYSE:NX) based on the price action in the company's shares. Yesterday's price range of $10.00 and $10.86 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 Quanex Building may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 111.3% for shares of Quanex Building based on a current price of $10.65 and an average consensus analyst price target of $22.50. The stock should run into initial resistance at its 50-day moving average (MA) of $15.92 and subsequent resistance at its 200-day MA of $17.66.

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry. Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.

In the past 52 weeks, shares of Quanex Building have traded between a low of $7.90 and a high of $20.42 and closed yesterday at $10.65, which is 35% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 4.5%.

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

Keywords: bearish am inside day candle quanex building

Ticker(s): NX