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

By Nick Russo

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. Yesterday's price range of $60.91 and $62.05 is within the prior day'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.

Over the past year, Kirby has traded in a range of $44.63 to $84.05 and closed yesterday at $61.68, 38% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.1%.

Potential upside of 24.8% exists for Kirby, based on a current level of $61.68 and analysts' average consensus price target of $77.00. The stock should discover initial support at its 200-day moving average (MA) of $61.50 and subsequent support at its 50-day MA of $60.97.

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.

SmarTrend recommended that subscribers consider buying shares of Kirby on September 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.59. Since that recommendation, shares of Kirby have risen 9.8%. We continue to monitor KEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle kirby

Ticker(s): KEX