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Possible Bearish Inside Day Candle Pattern Detected for Kirby (NYSE:KEX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kirby (NYSE:KEX) based on the price action in the company's shares. Today's price range of $56.44 and $57.52 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 Kirby may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kirby Corporation operates a fleet of inland tank barges. The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals. Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Kirby (NYSE:KEX) has potential upside of 35.9% based on a current price of $56.65 and analysts' consensus price target of $77.00. Kirby shares should first meet resistance at the 50-day moving average (MA) of $60.97 and find additional resistance at the 200-day MA of $61.50.

Kirby share prices have moved between a 52-week high of $84.05 and a 52-week low of $44.63 and are now trading 27% above that low price at $56.65 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.1%.

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

Keywords: bearish inside day candle kirby

Ticker(s): KEX