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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 $12.84 and $13.44 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.

Potential upside of 68.7% exists for Allegheny Technologies, based on a current level of $12.94 and analysts' average consensus price target of $21.83. The stock should run into initial resistance at its 200-day moving average (MA) of $14.85 and subsequent resistance at its 50-day MA of $15.96.

Over the past year, Allegheny Technologies has traded in a range of $7.08 to $37.76 and is now at $12.94, 83% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 1.9%.

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 its subscribers protect gains by selling shares of Allegheny Technologies on April 6th, 2016 by issuing a Downtrend alert when the shares were trading at $14.65. Since that call, shares of Allegheny Technologies have fallen 8.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle allegheny technologies

Ticker(s): ATI