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Possible Bearish Inside Day Candle Pattern Detected for Materion Corp (NYSE:MTRN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Materion Corp (NYSE:MTRN) based on the price action in the company's shares. Yesterday's price range of $66.25 and $67.80 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 Materion Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Materion Corp (NYSE:MTRN) is currently priced 23.5% above its average consensus analyst price target of $51.00. The stock should find initial support at its 50-day moving average (MA) of $64.26 and further support at its 200-day MA of $56.29.

Materion Corporation, through its subsidiaries, produces and supplies high-performance engineered materials. The Company provides beryllium, beryllium alloys, and electronic products, as well as engineered material systems. Materion has manufacturing facilities, service and distribution centers, and research facilities in the United States and internationally.

Over the past year, Materion Corp has traded in a range of $42.50 to $71.97 and closed yesterday at $66.65, 57% above that low. The 200-day and 50-day moving averages have moved 0.24% higher and 1.08% higher over the past week, respectively.

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

Keywords: bearish am inside day candle materion corp

Ticker(s): MTRN