Possible Bearish Inside Day Candle Pattern Detected for Corrections of America (NYSE:CXW)

Published on Fri, 02/20/2015 - 08:12
By Peter Chu in Candlestick, CXW, bearish am inside day candle, corrections of america, nyse:cxw

Analysts have spotted a possible bearish inside day candle pattern in Corrections of America (NYSE:CXW) based on the price action in the company's shares. Yesterday's price range of $40.09 and $40.72 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. Owners of Corrections of America may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Corrections Corporation of America provides detention and corrections services to governmental agencies. The Company owns correctional and detention facilities in the United States and the United Kingdom. Services include design, construction, ownership, renovation, and management of new or existing jails and prisons, as well as long distance inmate transportation services.

In the past 52 weeks, shares of Corrections of America have traded between a low of $30.77 and a high of $40.88 and closed yesterday at $40.24, which is 31% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

Corrections of America (NYSE:CXW) is currently priced 3.1% above its average consensus analyst price target of $39.00. The stock should discover initial support at its 50-day moving average (MA) of $38.14 and subsequent support at its 200-day MA of $35.32.

By Peter Chu
pchu@fnno.com

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