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Possible Bearish Inside Day Candle Pattern Detected for Compass Minerals (NYSE:CMP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Compass Minerals (NYSE:CMP) based on the price action in the company's shares. Yesterday's price range of $52.14 and $53.35 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 Compass Minerals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Compass Minerals has traded in a range of $38.19 to $70.40 and closed yesterday at $53.29, 40% above that low. The 200-day and 50-day moving averages have moved 0.24% lower and 0.15% lower over the past week, respectively.

There is potential upside of 36.7% for shares of Compass Minerals based on a current price of $53.29 and an average consensus analyst price target of $72.86. The stock should find initial resistance at its 200-day moving average (MA) of $54.34 and further resistance at its 50-day MA of $55.01.

Compass Minerals International, Inc. produces highway deicing salt in North America and the United Kingdom. The Company also produces general trade salt and sulfate of potash. Compass Minerals sells its highway deicing salt primarily to state, provincial, county, and municipal highway departments for deicing applications.

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

Keywords: bearish am inside day candle compass minerals

Ticker(s): CMP