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Possible Bullish Inside Day Candle Pattern Detected for Simpson Mfg (NYSE:SSD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Simpson Mfg (NYSE:SSD) based on the price action in the company's shares. Yesterday's price range of $82.71 and $83.82 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 Simpson Mfg may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Simpson Manufacturing Co., Inc., through its Simpson Strong-Tie Company Inc. subsidiary, designs, engineers, and manufactures wood-to-wood, wood-to-concrete, and wood-to-masonry connectors, and shear walls. The Company's other subsidiary, Simpson Dura-Vent Company, Inc., designs, engineers, and manufactures venting systems for gas and woodburning appliances.

In the past 52 weeks, shares of Simpson Mfg have traded between a low of $54.99 and a high of $87.70 and closed yesterday at $83.09, which is 51% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.4%.

Simpson Mfg (NYSE:SSD) is currently priced 20.6% above its average consensus analyst price target of $66.00. The stock should discover initial support at its 50-day moving average (MA) of $81.52 and subsequent support at its 200-day MA of $70.88.

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

Keywords: bullish am inside day candle simpson mfg

Ticker(s): SSD