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Possible Bullish Inside Day Candle Pattern Detected for Griffon Corp (NYSE:GFF)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Griffon Corp (NYSE:GFF) based on the price action in the company's shares. Yesterday's price range of $10.83 and $13.00 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 Griffon 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.

Griffon Corporation manufactures building products, specialty plastic films, and electronic information and communication systems. The Company's products include garage doors, materials for disposable diapers, disposable health care products, sensor systems, and information and command and control systems. Griffon sells its products in the United States.

In the past 52 weeks, shares of Griffon Corp have traded between a low of $10.57 and a high of $25.50 and closed yesterday at $12.98, which is 23% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 3.2%.

Griffon Corp has overhead space with shares priced $12.98, or 50.1% below the average consensus analyst price target of $26.00. The stock should run into initial resistance at its 200-day moving average (MA) of $18.97 and subsequent resistance at its 50-day MA of $19.50.

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

Keywords: bullish am inside day candle griffon corp

Ticker(s): GFF