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Possible Bearish Inside Day Candle Pattern Detected for Allegheny Technologies (NYSE:ATI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allegheny Technologies (NYSE:ATI) based on the price action in the company's shares. Today's price range of $17.74 and $18.03 is within yesterday'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 Allegheny Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allegheny Technologies has overhead space with shares priced $17.82, or 18.4% below the average consensus analyst price target of $21.83. Allegheny Technologies shares have support at the 50-day moving average (MA) of $15.96 and additional support at the 200-day MA of $14.85.

In the past 52 weeks, shares of Allegheny Technologies have traded between a low of $7.08 and a high of $37.76 and are now at $17.82, which is 152% above that low price. The 200-day and 50-day moving averages have moved 1.21% lower and 1.91% higher over the past week, respectively.

Allegheny Technologies, Inc., produces specialty materials. The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

SmarTrend recommended that subscribers consider buying shares of Allegheny Technologies on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.87. Since that recommendation, shares of Allegheny Technologies have risen 21.4%. We continue to monitor ATI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle allegheny technologies

Ticker(s): ATI