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Possible Bearish Inside Day Candle Pattern Detected for Harsco (NYSE:HSC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Harsco (NYSE:HSC) based on the price action in the company's shares. Today's price range of $6.65 and $6.91 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 Harsco may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Harsco (NYSE:HSC) has potential upside of 170.5% based on a current price of $6.70 and analysts' consensus price target of $18.12. The stock should find resistance at its 200-day moving average (MA) of $8.58, as well as support at its 50-day MA of $5.70.

Harsco is a diversified, multinational provider of industrial services and engineered products serving global industries that are fundamental to worldwide economic growth and infrastructure development. The company operates in four business segments: Harsco Infrastructure, Harsco Metals & Minerals, Harsco Rail and Harsco Industrial. Harsco has operations in over 50 countries, employs approximately 20,000 people and generates annual revenues in excess of $3 billion.

In the past 52 weeks, Harsco share prices have been bracketed by a low of $3.55 and a high of $18.00 and are now at $6.70, 89% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Harsco on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.89. Since that recommendation, shares of Harsco have risen 43.5%. We continue to monitor HSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle harsco

Ticker(s): HSC