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Possible Bearish Inside Day Candle Pattern Detected for Textainer Group (NYSE:TGH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Textainer Group (NYSE:TGH) based on the price action in the company's shares. Yesterday's price range of $8.73 and $8.96 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 Textainer Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Textainer Group (NYSE:TGH) has potential upside of 142.0% based on a current price of $8.78 and analysts' consensus price target of $21.25. The stock should find resistance at its 200-day moving average (MA) of $9.19, as well as support at its 50-day MA of $7.91.

Over the past year, Textainer Group has traded in a range of $5.50 to $11.75 and closed yesterday at $8.78, 60% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.8% while the 200-day MA has slid 0.3%.

Textainer Group Holdings Limited leases intermodal containers. The Company operates in the core segments such as ownership, management, and container resales with principal operations being the leasing of dry freight containers.

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

Keywords: bearish am inside day candle textainer group

Ticker(s): TGH