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Possible Bearish Inside Day Candle Pattern Detected for Chart Industries (NASDAQ:GTLS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chart Industries (NASDAQ:GTLS) based on the price action in the company's shares. Yesterday's price range of $75.14 and $76.53 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 Chart Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Chart Industries (NASDAQ:GTLS) defies analysts with a current price ($75.30) 8.1% above its average consensus price target of $69.17. The stock should run into initial resistance at its 200-day moving average (MA) of $76.37 and subsequent resistance at its 50-day MA of $83.52.

In the past 52 weeks, shares of Chart Industries have traded between a low of $57.88 and a high of $95.66 and closed yesterday at $75.30, which is 30% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.6%.

Chart Industries, Inc. is a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. The Company's products include vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components.

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

Keywords: bearish am inside day candle chart industries

Ticker(s): GTLS