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Possible Bullish Inside Day Candle Pattern Detected for Allegheny Tech (NYSE:ATI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Allegheny Tech (NYSE:ATI) based on the price action in the company's shares. Yesterday's price range of $25.09 and $26.15 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. Traders and investors interested in shares of Allegheny Tech may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Allegheny Tech has overhead space with shares priced $25.77, or 22.4% below the average consensus analyst price target of $33.20. The stock should run into initial resistance at its 200-day moving average (MA) of $27.00 and subsequent resistance at its 50-day MA of $27.20.

Allegheny Technologies, Inc. produces specialty materials. The Company products include titanium, stainless, specialty steel, titanium, nickel-based alloys, and superalloys, zirconium, hafnium and niobium, and grain-oriented electrical steel, tungsten-based materials, cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

Allegheny Tech share prices have moved between a 52-week high of $30.25 and a 52-week low of $21.01 and closed yesterday at 23% above that low price at $25.77 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Allegheny Tech on October 11th, 2018 by issuing a Downtrend alert when the shares were trading at $27.38. Since that call, shares of Allegheny Tech have fallen 8.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle allegheny tech

Ticker(s): ATI