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Possible Bearish Inside Day Candle Pattern Detected for Clean Harbors (NYSE:CLH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Clean Harbors (NYSE:CLH) based on the price action in the company's shares. Yesterday's price range of $65.16 and $66.72 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 Clean Harbors may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Clean Harbors, Inc. provides a variety of environmental remediation and industrial waste management services to customers in the United States and Puerto Rico. The Company's services include treatment and disposal of hazardous and non-hazardous solid and liquid waste, surface remediation, groundwater restoration, and waste packaging, as well as analytical testing and consulting.

Over the past year, Clean Harbors has traded in a range of $44.74 to $72.50 and closed yesterday at $65.62, 47% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has risen 0.3%.

Based on a current price of $65.62, Clean Harbors is currently 9.7% above its average consensus analyst price target of $59.25. The stock should hit resistance at its 50-day moving average (MA) of $68.10, as well as support at its 200-day MA of $57.41.

SmarTrend is tracking the current trend status for Clean Harbors and will alert subscribers who have CLH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle clean harbors

Ticker(s): CLH