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Possible Bullish Inside Day Candle Pattern Detected for Celanese Corp-A (NYSE:CE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celanese Corp-A (NYSE:CE) based on the price action in the company's shares. Yesterday's price range of $121.37 and $122.96 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 Celanese Corp-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 0.6% for shares of Celanese Corp-A based on a current price of $122.78 and an average consensus analyst price target of $123.53. The stock should find resistance at its 50-day moving average (MA) of $123.18, as well as support at its 200-day MA of $111.14.

Celanese Corporation operates as a global integrated producer of chemicals and advanced materials. The Company offers products such as acetyl, acetate, vinyl emulsion, and engineered polymers. Celanese operations serves customers worldwide.

In the past 52 weeks, Celanese Corp-A share prices have been bracketed by a low of $82.91 and a high of $128.88 and closed yesterday at $122.78, 48% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Celanese Corp-A and will alert subscribers who have CE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle celanese corp-a

Ticker(s): CE