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Possible Bullish Inside Day Candle Pattern Detected for Canadian Pacific Railway (NYSE:CP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Canadian Pacific Railway (NYSE:CP) based on the price action in the company's shares. Today's price range of $133.90 and $136.38 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 Canadian Pacific Railway may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Canadian Pacific Railway Limited is a Class 1 transcontinental railway, providing freight and intermodal services over a network in Canada and the United States. The Company's mainline network serves major Canadian ports and cities from Montreal to Vancouver, and key centers in the United States Midwest and Northeast.

Canadian Pacific Railway share prices have moved between a 52-week high of $197.59 and a 52-week low of $97.09 and are now trading 40% above that low price at $135.95 per share. The 200-day and 50-day moving averages have moved 0.2% lower and 1.10% higher over the past week, respectively.

There is potential upside of 24.6% for shares of Canadian Pacific Railway based on a current price of $135.95 and an average consensus analyst price target of $169.45. The stock should find resistance at its 200-day moving average (MA) of $137.09, as well as support at its 50-day MA of $134.97.

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

Keywords: bullish inside day candle canadian pacific railway

Ticker(s): CP