• Return to Headlines

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

By Shiri Gupta

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 $47.74 and $49.19 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.

Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers rubber grade carbon blacks used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and compounds of carbon black and rubber.

Cabot Corp has overhead space with shares priced $48.09, or 34.9% below the average consensus analyst price target of $73.83. Cabot Corp shares have support at the 200-day moving average (MA) of $44.36 and additional support at the 50-day MA of $43.95.

In the past 52 weeks, Cabot Corp share prices have been bracketed by a low of $37.11 and a high of $52.96 and closed yesterday at $48.09, 30% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

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

Keywords: bearish am inside day candle cabot corp

Ticker(s): CBT