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

By David Diaz

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. Yesterday's price range of $99.98 and $100.52 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 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.

Celanese Corp-A (NYSE:CE) has potential upside of 22.4% based on a current price of $100.96 and analysts' consensus price target of $123.53. The stock should run into initial resistance at its 200-day moving average (MA) of $101.94 and subsequent resistance at its 50-day MA of $102.85.

In the past 52 weeks, shares of Celanese Corp-A have traded between a low of $82.91 and a high of $119.29 and closed yesterday at $100.96, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.23% lower and 0.02% higher over the past week, respectively.

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.

SmarTrend is tracking the current trend status for Celanese Corp-A and will alert subscribers who have CE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle celanese corp-a

Ticker(s): CE