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Possible Bearish Inside Day Candle Pattern Detected for Carpenter Tech (NYSE:CRS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Carpenter Tech (NYSE:CRS) based on the price action in the company's shares. Yesterday's price range of $40.71 and $41.80 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 Carpenter Tech may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys. Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

Carpenter Tech (NYSE:CRS) has potential upside of 43.3% based on a current price of $41.86 and analysts' consensus price target of $60.00. The stock should find resistance at its 200-day moving average (MA) of $51.59, as well as support at its 50-day MA of $40.60.

Carpenter Tech share prices have moved between a 52-week high of $61.49 and a 52-week low of $32.77 and closed yesterday at 28% above that low price at $41.86 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.2%.

SmarTrend is monitoring the recent change of momentum in Carpenter Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Carpenter Tech in search of a potential trend change.

Keywords: bearish am inside day candle carpenter tech

Ticker(s): CRS