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

By Shiri Gupta

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 $103.61 and $104.73 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.

Celanese Corp-A (NYSE:CE) has potential upside of 17.9% based on a current price of $104.76 and analysts' consensus price target of $123.53. The stock should find initial resistance at its 200-day moving average (MA) of $114.06 and further resistance at its 50-day MA of $120.12.

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.

Over the past year, Celanese Corp-A has traded in a range of $92.25 to $128.88 and closed yesterday at $104.76, 14% above that low. The 200-day and 50-day moving averages have moved 0.02% higher and 0.97% lower over the past week, respectively.

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