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Possible Bullish Inside Day Candle Pattern Detected for Tenneco Inc (NYSE:TEN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tenneco Inc (NYSE:TEN) based on the price action in the company's shares. Yesterday's price range of $12.73 and $13.96 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 Tenneco Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Tenneco Inc. designs, manufactures, and markets emission control and ride control products and systems for the automotive original equipment market and the aftermarket. The Company's products include shocks and struts, shock absorbers, mufflers, and performance exhaust products, as well as noise, vibration, and harshness control components.

In the past 52 weeks, Tenneco Inc share prices have been bracketed by a low of $7.62 and a high of $39.12 and closed yesterday at $13.92, 83% above that low price. The 200-day and 50-day moving averages have moved 2.32% lower and 4.03% higher over the past week, respectively.

There is potential upside of 307.4% for shares of Tenneco Inc based on a current price of $13.92 and an average consensus analyst price target of $56.71. The stock should hit resistance at its 200-day moving average (MA) of $18.00, as well as support at its 50-day MA of $11.69.

SmarTrend is monitoring the recent change of momentum in Tenneco Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Tenneco Inc in search of a potential trend change.

Keywords: bullish am inside day candle tenneco inc

Ticker(s): TEN