Possible Bullish Engulfing Pattern Detected for Apogee Enterprises

Analyzing the price chart for Apogee Enterprises (NASDAQ:APOG) has revealed a potential bullish engulfing pattern. Last Friday, Apogee Enterprises traded 107,000 shares vs. average volume of 178,000 shares per day. The company traded 99,000 shares on Thursday. Heavy volume increases the reliability of this bullish candlestick pattern.

In the past 52 weeks, shares of Apogee Enterprises have traded between a low of $8.21 and a high of $14.82 and are now at $8.91, which is 9% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 2.7%.

Apogee Enterprises (NASDAQ:APOG) has a potential upside of 78.6% based on a current price of $8.91 and analysts' consensus price target of $15.92. Apogee Enterprises shares should first meet with resistance at the 50-day moving average (MA) of $11.18 and find additional resistance at the 200-day MA of $12.65.

Apogee Enterprises, Inc. designs and develops value-added glass products, services, and systems. The Company's products include architectural glass, glass coatings for the electronics markets, and replacement auto glass. The Company also provides building glass installation and replacement services. Apogee Enterprises operates around the world.