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Possible Bearish Inside Day Candle Pattern Detected for Platform Special (NYSE:PAH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Platform Special (NYSE:PAH) based on the price action in the company's shares. Yesterday's price range of $11.55 and $11.88 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 Platform Special may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Platform Special (NYSE:PAH) has potential upside of 18.0% based on a current price of $11.86 and analysts' consensus price target of $14.00. Platform Special shares have support at the 50-day moving average (MA) of $10.96 and additional support at the 200-day MA of $10.70.

Platform Specialty Products Corporation produces specialty chemical products and provides technical services. The Company manufactures specialty chemicals used by the electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries.

Platform Special share prices have moved between a 52-week high of $14.82 and a 52-week low of $9.09 and closed yesterday at 30% above that low price at $11.86 per share. The 200-day and 50-day moving averages have moved 0.06% higher and 1.20% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Platform Special on May 10th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.74. Since that recommendation, shares of Platform Special have risen 10.9%. We continue to monitor PAH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle platform special

Ticker(s): PAH