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

By Nick Russo

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 $11.80 and $12.08 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.

In the past 52 weeks, Allegheny Technologies share prices have been bracketed by a low of $7.08 and a high of $37.76 and are now at $11.98, 69% above that low price. The 200-day and 50-day moving averages have moved 1.21% lower and 1.91% higher over the past week, respectively.

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.

Potential upside of 82.2% exists for Allegheny Technologies, based on a current level of $11.98 and analysts' average consensus price target of $21.83. The stock should find initial resistance at its 200-day moving average (MA) of $14.85 and further resistance at its 50-day MA of $15.96.

SmarTrend recommended that its subscribers protect gains by selling shares of Allegheny Technologies on April 6th, 2016 by issuing a Downtrend alert when the shares were trading at $14.65. Since that call, shares of Allegheny Technologies have fallen 21.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle allegheny technologies

Ticker(s): ATI