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

By Amy Schwartz

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. Yesterday's price range of $61.89 and $62.92 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Celanese have traded between a low of $54.35 and a high of $74.55 and closed yesterday at $62.64, which is 15% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Potential upside of 17.3% exists for Celanese, based on a current level of $62.64 and analysts' average consensus price target of $73.50. The stock should find initial resistance at its 200-day moving average (MA) of $64.78 and further resistance at its 50-day MA of $66.66.

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.

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 am inside day candle Celanese

Ticker(s): CE