• Return to Headlines

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. Yesterday's price range of $7.49 and $7.81 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 CARBO Ceramics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, shares of CARBO Ceramics have traded between a low of $5.66 and a high of $47.04 and closed yesterday at $7.69, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 2.1%.

CARBO Ceramics has overhead space with shares priced $7.69, or 40.1% below the average consensus analyst price target of $12.83. 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 monitoring the recent change of momentum in CARBO Ceramics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of CARBO Ceramics in search of a potential trend change.

Keywords: bearish am inside day candle carbo ceramics

Ticker(s): CRR