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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. Yesterday's price range of $7.84 and $8.43 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.

In the past 52 weeks, shares of Carbo Ceramics have traded between a low of $5.66 and a high of $16.70 and closed yesterday at $7.92, which is 40% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 2.1%.

Carbo Ceramics has overhead space with shares priced $7.92, or 19.1% below the average consensus analyst price target of $9.79. Carbo Ceramics shares should first meet resistance at the 50-day moving average (MA) of $16.55 and find additional resistance at the 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 am inside day candle carbo ceramics

Ticker(s): CRR