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Possible Bearish Inside Day Candle Pattern Detected for Crown Holdings I (NYSE:CCK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Crown Holdings I (NYSE:CCK) based on the price action in the company's shares. Today's price range of $44.79 and $45.11 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 Crown Holdings I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Crown Holdings I (NYSE:CCK) has potential upside of 42.1% based on a current price of $44.85 and analysts' consensus price target of $63.71. Crown Holdings I shares should first meet resistance at the 50-day moving average (MA) of $46.93 and find additional resistance at the 200-day MA of $54.23.

In the past 52 weeks, shares of Crown Holdings I have traded between a low of $42.63 and a high of $62.27 and are now at $44.85, which is 5% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.1%.

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world. The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products. Crown also provides a variety of metal caps, closures, and dispensing systems.

SmarTrend recommended that its subscribers protect gains by selling shares of Crown Holdings I on April 24th, 2018 by issuing a Downtrend alert when the shares were trading at $49.19. Since that call, shares of Crown Holdings I have fallen 7.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle crown holdings i

Ticker(s): CCK