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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 $112.52 and $113.53 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.

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.

Over the past year, Praxair has traded in a range of $95.60 to $124.17 and closed yesterday at $113.44, 19% above that low. The 200-day and 50-day moving averages have moved 0.03% lower and 0.86% higher over the past week, respectively.

Praxair (NYSE:PX) has potential upside of 9.2% based on a current price of $113.44 and analysts' consensus price target of $123.88. Praxair shares have support at the 50-day moving average (MA) of $112.78 and additional support at the 200-day MA of $108.31.

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 am inside day candle praxair

Ticker(s): PX