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Possible Bullish Inside Day Candle Pattern Detected for Calgon Carbon (NYSE:CCC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Calgon Carbon (NYSE:CCC) based on the price action in the company's shares. Yesterday's price range of $13.86 and $14.07 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 Calgon Carbon may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Calgon Carbon has traded in a range of $13.29 to $22.75 and closed yesterday at $13.99, 5% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.5%.

Calgon Carbon Corporation manufactures and markets products and services employed for separation, concentration, and purification of liquids and gases. The Company serves customers around the world in a variety of areas, including drinking water and wastewater treatment, environmental remediation, industrial process applications, chemical manufacturing, refining, and air purification.

Potential upside of 34.4% exists for Calgon Carbon, based on a current level of $13.99 and analysts' average consensus price target of $18.80. Calgon Carbon shares should first meet resistance at the 50-day moving average (MA) of $14.67 and find additional resistance at the 200-day MA of $15.92.

SmarTrend recommended that its subscribers protect gains by selling shares of Calgon Carbon on May 18th, 2016 by issuing a Downtrend alert when the shares were trading at $14.71. Since that call, shares of Calgon Carbon have fallen 6.5%. 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 calgon carbon

Ticker(s): CCC