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Possible Bullish Inside Day Candle Pattern Detected for Air Products & Chemicals (NYSE:APD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Air Products & Chemicals (NYSE:APD) based on the price action in the company's shares. Today's price range of $135.33 and $136.80 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. Traders and investors interested in shares of Air Products & Chemicals may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Air Products & Chemicals have traded between a low of $114.64 and a high of $152.16 and are now at $135.33, which is 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Air Products and Chemicals, Inc. produces industrial gas and related industrial process equipment. The Company also produces and markets polymer chemicals, performance chemicals, and chemical intermediates. Air Products recovers and distributes oxygen, nitrogen, argon, hydrogen, carbon monoxide, carbon dioxide, synthesis gas, and helium, as well as medical and specialty gases.

Air Products & Chemicals has overhead space with shares priced $135.33, or 14.6% below the average consensus analyst price target of $158.50. Air Products & Chemicals shares should first meet resistance at the 200-day moving average (MA) of $136.08 and find additional resistance at the 50-day MA of $141.67.

SmarTrend recommended that its subscribers protect gains by selling shares of Air Products & Chemicals on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $142.64. Since that call, shares of Air Products & Chemicals have fallen 5.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle air products & chemicals

Ticker(s): APD