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Possible Bullish Inside Day Candle Pattern Detected for Carpenter Tech (NYSE:CRS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Carpenter Tech (NYSE:CRS) based on the price action in the company's shares. Yesterday's price range of $39.79 and $41.44 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 Carpenter Tech may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Carpenter Tech (NYSE:CRS) has potential upside of 49.2% based on a current price of $40.21 and analysts' consensus price target of $60.00. The stock should find initial resistance at its 200-day moving average (MA) of $48.50 and further resistance at its 50-day MA of $49.01.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys. Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

Carpenter Tech share prices have moved between a 52-week high of $56.33 and a 52-week low of $39.49 and closed yesterday at 2% above that low price at $40.21 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.5%.

SmarTrend is tracking the current trend status for Carpenter Tech and will alert subscribers who have CRS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle carpenter tech

Ticker(s): CRS