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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Allegheny Technologies (NYSE:ATI) based on the price action in the company's shares. Today's price range of $17.29 and $17.58 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 Allegheny Technologies 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 Technologies, Inc., produces specialty materials. The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

Allegheny Technologies share prices have moved between a 52-week high of $37.76 and a 52-week low of $7.08 and are now trading 148% above that low price at $17.55 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 1.9%.

There is potential upside of 24.4% for shares of Allegheny Technologies based on a current price of $17.55 and an average consensus analyst price target of $21.83. Allegheny Technologies shares have support at the 50-day moving average (MA) of $15.96 and additional support at the 200-day MA of $14.85.

SmarTrend recommended that subscribers consider buying shares of Allegheny Technologies on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.87. Since that recommendation, shares of Allegheny Technologies have risen 15.7%. We continue to monitor ATI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle allegheny technologies

Ticker(s): ATI