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Possible Bearish Inside Day Candle Pattern Detected for Astec Industries (NASDAQ:ASTE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Astec Industries (NASDAQ:ASTE) based on the price action in the company's shares. Yesterday's price range of $38.89 and $38.89 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 Astec Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Astec Industries, Inc. designs, engineers, manufactures, markets, and finances equipment and components used primarily in road building and related construction activities. The Company's products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface.

There is potential upside of 70.4% for shares of Astec Industries based on a current price of $38.92 and an average consensus analyst price target of $66.33. Astec Industries shares should encounter resistance at the 200-day moving average (MA) of $44.42 and support at the 50-day MA of $37.67.

In the past 52 weeks, Astec Industries share prices have been bracketed by a low of $27.86 and a high of $63.69 and closed yesterday at $38.92, 40% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Astec Industries on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.12. Since that recommendation, shares of Astec Industries have risen 15.3%. We continue to monitor ASTE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle astec industries

Ticker(s): ASTE