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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 $135.47 and $136.41 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.

Based on a current price of $135.93, Praxair is currently 6.3% above its average consensus analyst price target of $127.31. The stock should find initial support at its 50-day moving average (MA) of $112.78 and further 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.

Praxair share prices have moved between a 52-week high of $138.69 and a 52-week low of $95.60 and are now trading 42% above that low price at $135.93 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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 11.9%. We continue to monitor PX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle praxair

Ticker(s): PX