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

By Nick Russo

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 $24.30 and $24.77 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 (NASDAQ:SCHN) has potential upside of 38.7% based on a current price of $24.33 and analysts' consensus price target of $33.75. The stock should hit resistance at its 200-day moving average (MA) of $28.08, as well as support at its 50-day MA of $23.58.

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, Schnitzer Steel share prices have been bracketed by a low of $20.94 and a high of $38.15 and closed yesterday at $24.33, 16% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.6%.

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

Keywords: bearish am inside day candle schnitzer steel

Ticker(s): SCHN