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Possible Bearish Inside Day Candle Pattern Detected for Cabot Microelec (NASDAQ:CCMP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cabot Microelec (NASDAQ:CCMP) based on the price action in the company's shares. Yesterday's price range of $112.08 and $112.08 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 Microelec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Cabot Microelec share prices have been bracketed by a low of $82.24 and a high of $123.76 and closed yesterday at $112.15, 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Cabot Microelec (NASDAQ:CCMP) has potential upside of 7.2% based on a current price of $112.15 and analysts' consensus price target of $120.25. The stock should discover initial support at its 200-day moving average (MA) of $105.42 and subsequent support at its 50-day MA of $103.11.

Cabot Microelectronics Corporation supplies slurries used in chemical mechanical planarization, a polishing process used in the manufacture of integrated circuit devices. The slurries are liquids containing abrasives and chemicals that enhance the polishing process. The polishing process itself facilitates the manufacture of smaller, faster, and more complex integrated circuit devices.

SmarTrend recommended that subscribers consider buying shares of Cabot Microelec on December 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $93.55. Since that recommendation, shares of Cabot Microelec have risen 20.2%. We continue to monitor CCMP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cabot microelec

Ticker(s): CCMP