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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 $25.88 and $26.64 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 (NYSE:ATI) defies analysts with a current price ($25.90) 21.0% above its average consensus price target of $20.46. The stock should discover initial support at its 50-day moving average (MA) of $15.96 and subsequent support at its 200-day MA of $14.85.

Over the past year, Allegheny Tech has traded in a range of $11.33 to $30.25 and closed yesterday at $25.90, 129% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.9% while the 200-day MA has slid 1.2%.

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.

SmarTrend is monitoring the recent change of momentum in Allegheny Tech. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Allegheny Tech in search of a potential trend change.

Keywords: bullish am inside day candle allegheny tech

Ticker(s): ATI