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Possible Bullish Inside Day Candle Pattern Detected for Cemex SAB de CV (NYSE:CX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cemex SAB de CV (NYSE:CX) based on the price action in the company's shares. Today's price range of $5.93 and $6.05 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 Cemex SAB de CV may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cemex SAB de CV (NYSE:CX) has potential upside of 56.8% based on a current price of $6.04 and analysts' consensus price target of $9.47. Cemex SAB de CV shares should first meet resistance at the 200-day moving average (MA) of $6.50 and find additional resistance at the 50-day MA of $6.82.

Cemex SAB de C.V. produces, distributes, and markets cement, ready-mix concrete, aggregates, and clinker.

Over the past year, Cemex SAB de CV has traded in a range of $3.64 to $10.48 and is now at $6.04, 66% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 2.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Cemex SAB de CV on May 9th, 2016 by issuing a Downtrend alert when the shares were trading at $6.64. Since that call, shares of Cemex SAB de CV have fallen 11.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle cemex sab de cv

Ticker(s): CX