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Possible Bullish Inside Day Candle Pattern Detected for Ardmore Shipping (NYSE:ASC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ardmore Shipping (NYSE:ASC) based on the price action in the company's shares. Yesterday's price range of $6.92 and $7.03 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 Ardmore Shipping 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, Ardmore Shipping share prices have been bracketed by a low of $4.22 and a high of $8.75 and closed yesterday at $6.96, 65% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 0.72% higher over the past week, respectively.

Ardmore Shipping Corp is engaged in the ownership and operation of product and chemical tankers in worldwide trade. The Company provides shipping services to customers through voyage charters, commercial pools and time charters.

There is potential upside of 42.4% for shares of Ardmore Shipping based on a current price of $6.96 and an average consensus analyst price target of $9.91. The stock should discover initial support at its 200-day moving average (MA) of $6.27 and subsequent support at its 50-day MA of $5.88.

SmarTrend recommended that subscribers consider buying shares of Ardmore Shipping on April 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.35. Since that recommendation, shares of Ardmore Shipping have risen 8.3%. We continue to monitor ASC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle ardmore shipping

Ticker(s): ASC