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Possible Bearish Inside Day Candle Pattern Detected for CARBO Ceramics (NYSE:CRR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in CARBO Ceramics (NYSE:CRR) based on the price action in the company's shares. Today's price range of $13.15 and $14.02 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 CARBO Ceramics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, CARBO Ceramics has traded in a range of $10.60 to $47.04 and is now at $13.19, 24% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 2.1%.

CARBO Ceramics Inc. produces and supplies ceramic proppants for use in the oil and gas industry. The Company also provides foundry metal casting, and industrial mineral grinding. Carbo has manufacturing plants located worldwide.

There is potential upside of 56.7% for shares of CARBO Ceramics based on a current price of $13.19 and an average consensus analyst price target of $20.67. The stock should find initial resistance at its 50-day moving average (MA) of $16.55 and further resistance at its 200-day MA of $19.83.

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

Keywords: bearish inside day candle carbo ceramics

Ticker(s): CRR