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Possible Bearish Inside Day Candle Pattern Detected for Cabot Corp (NYSE:CBT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cabot Corp (NYSE:CBT) based on the price action in the company's shares. Yesterday's price range of $65.62 and $66.71 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 Cabot Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 12.4% for shares of Cabot Corp based on a current price of $65.67 and an average consensus analyst price target of $73.83. Cabot Corp shares have support at the 50-day moving average (MA) of $62.16 and additional support at the 200-day MA of $60.97.

In the past 52 weeks, Cabot Corp share prices have been bracketed by a low of $50.56 and a high of $68.63 and closed yesterday at $65.67, 30% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.2%.

Cabot Corporation has businesses in chemicals, performance materials, and specialty fluids. The Company manufactures and sells carbon black, fumed silica, plastics, ink jet colorants, tantalum, niobium, and germanium. Cabot's specialty fluids business produces and markets cesium formate as a drilling and completion fluid for use in oil and gas well operations.

SmarTrend recommended that subscribers consider buying shares of Cabot Corp on May 8th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.78. Since that recommendation, shares of Cabot Corp have risen 11.7%. We continue to monitor CBT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cabot corp

Ticker(s): CBT