• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Covanta Holding (NYSE:CVA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Covanta Holding (NYSE:CVA) based on the price action in the company's shares. Today's price range of $17.08 and $17.08 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 Covanta Holding may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Covanta Holding Corporation conducts operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

Over the past year, Covanta Holding has traded in a range of $12.92 to $18.05 and is now at $17.08, 32% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.8%.

Potential upside of 3.4% exists for Covanta Holding, based on a current level of $17.08 and analysts' average consensus price target of $17.67. Covanta Holding shares have support at the 200-day moving average (MA) of $16.28 and additional support at the 50-day MA of $16.15.

SmarTrend recommended that subscribers consider buying shares of Covanta Holding on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.62. Since that recommendation, shares of Covanta Holding have risen 16.8%. We continue to monitor CVA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle covanta holding

Ticker(s): CVA