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Possible Bearish Inside Day Candle Pattern Detected for Celanese Corp-A (NYSE:CE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Celanese Corp-A (NYSE:CE) based on the price action in the company's shares. Today's price range of $110.67 and $112.48 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 Celanese Corp-A 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, Celanese Corp-A share prices have been bracketed by a low of $60.59 and a high of $114.00 and are now at $111.95, 85% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Celanese Corporation is a global integrated producer of chemicals and advanced materials. The Company's products include acetyl, acetate, vinyl emulsion, and engineered polymers. Celanese operations are primarily located in North America, Europe, and Asia.

There is potential upside of 2.9% for shares of Celanese Corp-A based on a current price of $111.95 and an average consensus analyst price target of $115.21. The stock should find initial support at its 50-day moving average (MA) of $66.66 and further support at its 200-day MA of $64.78.

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

Keywords: bearish inside day candle celanese corp-a

Ticker(s): CE