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Possible Bearish Inside Day Candle Pattern Detected for Schulman (A) (NASDAQ:SHLM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Schulman (A) (NASDAQ:SHLM) based on the price action in the company's shares. Yesterday's price range of $43.40 and $43.65 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 Schulman (A) may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Schulman (A) (NASDAQ:SHLM) defies analysts with a current price ($43.60) 6.0% above its average consensus price target of $41.00. The stock should discover initial support at its 200-day moving average (MA) of $30.33 and subsequent support at its 50-day MA of $26.51.

Schulman (A) share prices have moved between a 52-week high of $43.88 and a 52-week low of $19.58 and closed yesterday at 123% above that low price at $43.60 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.8%.

A. Schulman, Inc. supplies plastic compounds and resins which are used as raw materials by its customers. The Company combines basic resins purchased from basic resin producers and enhances them with additives. Schulman generally produces compounds to meet customer requirements and on the basis of customer commitments, but also buys and then resells prime and off-grade plastic resins.

SmarTrend recommended that subscribers consider buying shares of Schulman (A) on August 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.80. Since that recommendation, shares of Schulman (A) have risen 46.6%. We continue to monitor SHLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle schulman (a)

Ticker(s): SHLM