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Possible Bearish Inside Day Candle Pattern Detected for Thor Industries (NYSE:THO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Thor Industries (NYSE:THO) based on the price action in the company's shares. Today's price range of $75.19 and $76.84 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 Thor Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles. The Company offers motorhomes, camping, fifth-wheel, and travel trailers. Thor Industries serves customers in the United States and Canada.

Thor Industries share prices have moved between a 52-week high of $89.45 and a 52-week low of $32.30 and are now trading 134% above that low price at $75.74 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 2.5%.

There is potential upside of 105.2% for shares of Thor Industries based on a current price of $75.74 and an average consensus analyst price target of $155.45. The stock should find initial support at its 200-day moving average (MA) of $61.37 and further support at its 50-day MA of $53.08.

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

Keywords: bearish inside day candle thor industries

Ticker(s): THO