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Possible Bearish Inside Day Candle Pattern Detected for Balchem Corp (NASDAQ:BCPC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Balchem Corp (NASDAQ:BCPC) based on the price action in the company's shares. Yesterday's price range of $85.76 and $87.58 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 Balchem Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $86.55, Balchem Corp is currently 2.9% above its average consensus analyst price target of $84.00. The stock should find initial resistance at its 200-day moving average (MA) of $95.26 and further resistance at its 50-day MA of $98.05.

In the past 52 weeks, shares of Balchem Corp have traded between a low of $70.23 and a high of $117.79 and closed yesterday at $86.55, which is 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has risen 0.3%.

Balchem Corporation develops, manufactures, and markets specialty performance ingredients for the food, feed, and medical sterilization industries. The Company micro-encapsulates performance ingredients, and also repackages and markets specialty gases. Balchem sells its products through its own sales force, independent distributors, and sales agents.

SmarTrend is tracking the current trend status for Balchem Corp and will alert subscribers who have BCPC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle balchem corp

Ticker(s): BCPC