• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Ferro Corp (NYSE:FOE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ferro Corp (NYSE:FOE) based on the price action in the company's shares. Yesterday's price range of $10.65 and $10.87 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. Traders and investors interested in shares of Ferro Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ferro Corporation produces performance materials for industry by utilizing organic and inorganic chemistry. The Company produces a variety of coatings, colors, ceramics, chemicals, plastics, and related products. The Company's primary markets are building and renovation, major appliances, household furnishings, transportation, industrial products, and leisure products.

In the past 52 weeks, shares of Ferro Corp have traded between a low of $9.73 and a high of $22.79 and closed yesterday at $10.87, which is 12% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.1%.

There is potential upside of 156.1% for shares of Ferro Corp based on a current price of $10.87 and an average consensus analyst price target of $27.83. The stock should run into initial resistance at its 50-day moving average (MA) of $11.46 and subsequent resistance at its 200-day MA of $15.27.

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

Keywords: bullish am inside day candle ferro corp

Ticker(s): FOE