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Possible Bearish Inside Day Candle Pattern Detected for Chicago Bridge & Iron (NYSE:CBI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chicago Bridge & Iron (NYSE:CBI) based on the price action in the company's shares. Today's price range of $40.01 and $40.75 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 Chicago Bridge & Iron may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 41.2% for shares of Chicago Bridge & Iron based on a current price of $40.02 and an average consensus analyst price target of $56.50. The stock should find resistance at its 200-day moving average (MA) of $40.68, as well as support at its 50-day MA of $35.60.

Chicago Bridge & Iron share prices have moved between a 52-week high of $59.45 and a 52-week low of $31.30 and are now trading 28% above that low price at $40.02 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.7%.

Chicago Bridge & Iron Company N.V. engineers and designs, fabricates, erects, and repairs steel plate structures and their associated systems. The Company builds and repairs bulk liquid terminals, storage tanks, process vessels, and low temperature and cryogenic storage facilities.

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

Keywords: bearish inside day candle chicago bridge & iron

Ticker(s): CBI