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Possible Bearish Inside Day Candle Pattern Detected for Ashland Global H (NYSE:ASH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ashland Global H (NYSE:ASH) based on the price action in the company's shares. Yesterday's price range of $78.31 and $78.89 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 Ashland Global H may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ashland Global Holdings Inc. operates as a holding company. The Company, through its subsidiaries, produces and distributes chemicals and thermoplastic resins. Ashland Global Holdings serves construction, automotive, energy, and pharmaceutical sectors worldwide.

In the past 52 weeks, shares of Ashland Global H have traded between a low of $64.94 and a high of $86.63 and closed yesterday at $78.79, which is 21% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

There is potential upside of 8.6% for shares of Ashland Global H based on a current price of $78.79 and an average consensus analyst price target of $85.57. The stock should discover initial support at its 200-day moving average (MA) of $77.06 and subsequent support at its 50-day MA of $76.81.

SmarTrend is tracking the current trend status for Ashland Global H and will alert subscribers who have ASH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ashland global h

Ticker(s): ASH