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Possible Bearish Inside Day Candle Pattern Detected for Calumet Specialty Products (NASDAQ:CLMT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Calumet Specialty Products (NASDAQ:CLMT) based on the price action in the company's shares. Today's price range of $4.13 and $4.37 is within yesterday'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 Calumet Specialty Products may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Calumet Specialty Products Partners, L.P. produces specialty hydrocarbon products for domestic and international customers. The Company processes crude oil into a variety of customized lubricating oils, solvents, and waxes. Calumet also processes crude oil into a variety of fuel and fuel-related products, including unleaded gasoline, diesel fuel, and jet fuel.

There is potential upside of 659.0% for shares of Calumet Specialty Products based on a current price of $4.15 and an average consensus analyst price target of $31.50. The stock should run into initial resistance at its 50-day moving average (MA) of $9.57 and subsequent resistance at its 200-day MA of $19.52.

Calumet Specialty Products share prices have moved between a 52-week high of $28.33 and a 52-week low of $3.42 and are now trading 21% above that low price at $4.15 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.1% while the 200-day MA has slid 2.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Calumet Specialty Products on April 18th, 2016 by issuing a Downtrend alert when the shares were trading at $5.54. Since that call, shares of Calumet Specialty Products have fallen 20.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle calumet specialty products

Ticker(s): CLMT