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Possible Bearish Inside Day Candle Pattern Detected for Oshkosh (NYSE:OSK)

Published on Tue, 01/29/2013 - 08:28
By Adrienne Chilton

Analysts have spotted a possible bearish inside day candle pattern in Oshkosh (NYSE:OSK) based on the price action in the company's shares. Yesterday's price range of $39.57 and $40.56 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 Oshkosh may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oshkosh Corporation designs, manufactures, and markets fire and emergency apparatus and specialty commercial and military trucks. The Company provides products such as pumpers, aerial and ladder trucks, tankers, rescue vehicles, snow removal vehicles, refuse truck bodies, and concrete mixers.

Oshkosh (NYSE:OSK) defies analysts with a current price ($40.00) 7.3% above its average consensus price target of $37.09. The stock should discover initial support at its 50-day moving average (MA) of $30.83 and subsequent support at its 200-day MA of $25.69.

In the past 52 weeks, Oshkosh share prices have been bracketed by a low of $18.49 and a high of $41.27 and closed yesterday at $40.00, 116% above that low price. The 200-day and 50-day moving averages have moved 0.98% higher and 2.04% higher over the past week, respectively.

By Adrienne Chilton