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

By Shiri Gupta

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. Yesterday's price range of $128.32 and $129.29 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 Praxair 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 $129.09, Praxair is currently 1.4% above its average consensus analyst price target of $127.31. 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.

In the past 52 weeks, Praxair share prices have been bracketed by a low of $95.60 and a high of $129.53 and closed yesterday at $129.09, 35% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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 recommended that subscribers consider buying shares of Praxair on April 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $122.11. Since that recommendation, shares of Praxair have risen 6.0%. We continue to monitor PX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle praxair

Ticker(s): PX