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Possible Bearish Inside Day Candle Pattern Detected for Commercial Metal (NYSE:CMC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Commercial Metal (NYSE:CMC) based on the price action in the company's shares. Today's price range of $21.94 and $22.27 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 Commercial Metal may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Commercial Metal has overhead space with shares priced $21.94, or 9.0% below the average consensus analyst price target of $24.10. Commercial Metal shares should first meet resistance at the 200-day moving average (MA) of $22.11 and find additional resistance at the 50-day MA of $22.94.

Commercial Metals Company and its subsidiaries, manufactures, recycles, and markets steel and metal products and related materials. The Company trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.

Commercial Metal share prices have moved between a 52-week high of $26.72 and a 52-week low of $17.05 and are now trading 29% above that low price at $21.94 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

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

Keywords: bearish inside day candle commercial metal

Ticker(s): CMC