• Return to Headlines

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

By James Quinn

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 $8.13 and $8.43 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 $5.66 to $16.70 and is now at $8.16, 44% above that low. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 2.1%.

Potential upside of 20.0% exists for Carbo Ceramics, based on a current level of $8.16 and analysts' average consensus price target of $9.79. The stock should run into initial resistance at its 50-day moving average (MA) of $16.55 and subsequent resistance at its 200-day MA of $19.83.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Carbo Ceramics on January 26th, 2018 by issuing a Downtrend alert when the shares were trading at $9.59. Since that call, shares of Carbo Ceramics have fallen 9.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle carbo ceramics

Ticker(s): CRR