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Possible Bearish Inside Day Candle Pattern Detected for Schnitzer Steel (NASDAQ:SCHN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schnitzer Steel (NASDAQ:SCHN) based on the price action in the company's shares. Yesterday's price range of $24.41 and $24.87 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 Schnitzer Steel may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Schnitzer Steel Industries, Inc. operates a steel scrap recycling business in the western United States. The Company supplies ferrous scrap to export and domestic steel producers through its scrap collection, processing, and deep water facilities. Schnitzer also operates collection and processing facilities, as well as manages other facilities through joint ventures.

In the past 52 weeks, shares of Schnitzer Steel have traded between a low of $20.94 and a high of $37.95 and closed yesterday at $24.57, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.45% lower and 0.28% higher over the past week, respectively.

Schnitzer Steel (NASDAQ:SCHN) has potential upside of 37.4% based on a current price of $24.57 and analysts' consensus price target of $33.75. The stock should find resistance at its 200-day moving average (MA) of $27.06, as well as support at its 50-day MA of $23.96.

SmarTrend recommended that subscribers consider buying shares of Schnitzer Steel on February 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.15. Since that recommendation, shares of Schnitzer Steel have risen 3.1%. We continue to monitor SCHN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle schnitzer steel

Ticker(s): SCHN