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Possible Bearish Inside Day Candle Pattern Detected for Sensient Technologies (NYSE:SXT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sensient Technologies (NYSE:SXT) based on the price action in the company's shares. Yesterday's price range of $79.68 and $80.61 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 Sensient Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Sensient Technologies has traded in a range of $52.69 to $83.38 and closed yesterday at $80.05, 52% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

Potential upside of 4.1% exists for Sensient Technologies, based on a current level of $80.05 and analysts' average consensus price target of $83.33. The stock should find initial support at its 50-day moving average (MA) of $63.62 and further support at its 200-day MA of $63.11.

Sensient Technologies Corporation supplies colors, flavors, and fragrances. The Company manufactures a variety of ink-jet inks, cosmetic and pharmaceutical additives, and food and beverage flavors.

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

Keywords: bearish am inside day candle sensient technologies

Ticker(s): SXT