• Return to Headlines

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. Yesterday's price range of $14.13 and $14.33 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 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 $14.28, or 40.7% below the average consensus analyst price target of $24.10. Commercial Metal shares should first meet resistance at the 50-day moving average (MA) of $16.55 and find additional resistance at the 200-day MA of $17.89.

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.

In the past 52 weeks, shares of Commercial Metal have traded between a low of $13.27 and a high of $24.72 and closed yesterday at $14.28, which is 8% above that low price. The 200-day and 50-day moving averages have moved 0.58% lower and 0.98% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Commercial Metal on May 9th, 2019 by issuing a Downtrend alert when the shares were trading at $16.57. Since that call, shares of Commercial Metal have fallen 12.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle commercial metal

Ticker(s): CMC