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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celanese (NYSE:CE) based on the price action in the company's shares. Today's price range of $62.02 and $62.92 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 Celanese 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 share prices have moved between a 52-week high of $74.55 and a 52-week low of $54.35 and are now trading 14% above that low price at $62.04 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has remained constant.

Celanese Corporation is a global industrial chemicals company. Its business involves processing chemical raw materials, such as ethylene and propylene, and natural products, including natural gas and wood pulp, into chemicals and chemical-based products.

Celanese (NYSE:CE) has potential upside of 18.5% based on a current price of $62.04 and analysts' consensus price target of $73.50. Celanese shares should first meet resistance at the 200-day moving average (MA) of $64.78 and find additional resistance at the 50-day MA of $66.66.

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

Keywords: bullish inside day candle Celanese

Ticker(s): CE