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Possible Bearish Inside Day Candle Pattern Detected for Kennametal Inc (NYSE:KMT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kennametal Inc (NYSE:KMT) based on the price action in the company's shares. Today's price range of $33.96 and $34.25 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 Kennametal Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kennametal Inc share prices have moved between a 52-week high of $45.10 and a 52-week low of $30.32 and are now trading 13% above that low price at $34.25 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 1.49% lower over the past week, respectively.

Potential upside of 42.7% exists for Kennametal Inc, based on a current level of $34.25 and analysts' average consensus price target of $48.89. Kennametal Inc shares should first meet resistance at the 50-day moving average (MA) of $35.99 and find additional resistance at the 200-day MA of $37.58.

Kennametal Inc. manufactures, purchases, and distributes tools, tooling systems, and solutions to the metalworking, mining, oil, and energy industries. The Company also manufactures and distributes wear-resistant parts for a wide range of industries. Kennametal operates worldwide.

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

Keywords: bearish inside day candle kennametal inc

Ticker(s): KMT