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Possible Bearish Inside Day Candle Pattern Detected for Kmg Chemicals (NYSE:KMG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kmg Chemicals (NYSE:KMG) based on the price action in the company's shares. Yesterday's price range of $77.61 and $79.00 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 Kmg Chemicals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $78.45, Kmg Chemicals is currently 6.1% above its average consensus analyst price target of $73.67. The stock should discover initial support at its 50-day moving average (MA) of $65.58 and subsequent support at its 200-day MA of $59.82.

KMG Chemicals, Inc. manufactures, formulates, and distributes specialty chemicals for a range of industries, including electronics, industrial wood preservation, and industrial lubricant markets. The Company also formulates and blends acids, solvents, and other wet chemicals used to etch and clean silicon wafers in the production of semiconductors, photovoltaics, and flat panels.

Kmg Chemicals share prices have moved between a 52-week high of $79.35 and a 52-week low of $45.65 and closed yesterday at 72% above that low price at $78.45 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Kmg Chemicals on April 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.41. Since that recommendation, shares of Kmg Chemicals have risen 21.2%. We continue to monitor KMG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle kmg chemicals

Ticker(s): KMG