• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Owens Corning (NYSE:OC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Owens Corning (NYSE:OC) based on the price action in the company's shares. Yesterday's price range of $60.88 and $61.82 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 Owens Corning may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Owens Corning produces residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems. The Company offers its products globally to various industries.

In the past 52 weeks, Owens Corning share prices have been bracketed by a low of $44.46 and a high of $68.72 and closed yesterday at $61.32, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.4%.

Owens Corning (NYSE:OC) has potential upside of 45.1% based on a current price of $61.32 and analysts' consensus price target of $89.00. The stock should find resistance at its 50-day moving average (MA) of $65.33, as well as support at its 200-day MA of $58.53.

SmarTrend recommended that its subscribers protect gains by selling shares of Owens Corning on January 16th, 2020 by issuing a Downtrend alert when the shares were trading at $64.06. Since that call, shares of Owens Corning have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Owens Corning

Ticker(s): OC