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

By James Quinn

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 $63.27 and $64.14 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.

Kirby share prices have moved between a 52-week high of $84.05 and a 52-week low of $44.63 and closed yesterday at 43% above that low price at $63.63 per share. The 200-day and 50-day moving averages have moved 0.39% lower and 1.13% higher over the past week, respectively.

There is potential upside of 21.0% for shares of Kirby based on a current price of $63.63 and an average consensus analyst 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 its subscribers protect gains by selling shares of Kirby on June 22nd, 2016 by issuing a Downtrend alert when the shares were trading at $66.80. Since that call, shares of Kirby have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle kirby

Ticker(s): KEX