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Possible Bearish Inside Day Candle Pattern Detected for Praxair (NYSE:PX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Praxair (NYSE:PX) based on the price action in the company's shares. Today's price range of $112.52 and $113.21 is within yesterday'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 Praxair 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, Praxair has traded in a range of $95.60 to $124.17 and is now at $113.19, 18% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

Potential upside of 9.4% exists for Praxair, based on a current level of $113.19 and analysts' average consensus price target of $123.88. The stock should discover initial support at its 50-day moving average (MA) of $112.78 and subsequent support at its 200-day MA of $108.31.

Praxair, Inc. supplies gas to industries primarily located in North and South America. The Company produces, sells, and distributes atmospheric gases including oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronics gases, and acetylene. Praxair also supplies metallic and ceramic coatings and powders.

SmarTrend is tracking the current trend status for Praxair and will alert subscribers who have PX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle praxair

Ticker(s): PX