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

By Nick Russo

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 $92.86 and $92.86 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.

In the past 52 weeks, shares of Chart Industries have traded between a low of $56.14 and a high of $93.32 and closed yesterday at $92.92, which is 66% above that low price. The 200-day and 50-day moving averages have moved 0.58% higher and 2.04% higher over the past week, respectively.

Based on a current price of $92.92, Chart Industries is currently 25.6% above its average consensus analyst price target of $69.17. The stock should discover initial support at its 50-day moving average (MA) of $80.10 and subsequent support at its 200-day MA of $72.15.

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 recommended that subscribers consider buying shares of Chart Industries on December 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.61. Since that recommendation, shares of Chart Industries have risen 43.8%. We continue to monitor GTLS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle chart industries

Ticker(s): GTLS