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

By Nick Russo

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. Today's price range of $51.69 and $51.69 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 Compass Minerals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 41.0% exists for Compass Minerals, based on a current level of $51.69 and analysts' average consensus price target of $72.86. Compass Minerals shares should encounter resistance at the 200-day moving average (MA) of $57.61 and support at the 50-day MA of $50.00.

In the past 52 weeks, Compass Minerals share prices have been bracketed by a low of $38.19 and a high of $71.25 and are now at $51.69, 35% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.6%.

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 monitoring the recent change of momentum in Compass Minerals. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Compass Minerals in search of a potential trend change.

Keywords: bearish inside day candle compass minerals

Ticker(s): CMP