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Possible Bullish Inside Day Candle Pattern Detected for Century Aluminum (NASDAQ:CENX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Century Aluminum (NASDAQ:CENX) based on the price action in the company's shares. Today's price range of $12.43 and $12.68 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 Century Aluminum may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Century Aluminum (NASDAQ:CENX) is currently priced 10.5% above its average consensus analyst price target of $11.20. The stock should find initial support at its 50-day moving average (MA) of $7.54 and further support at its 200-day MA of $5.57.

Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States. The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina. Century is also the operating partner of a reduction facility in Hawesville, Kentucky.

In the past 52 weeks, shares of Century Aluminum have traded between a low of $2.63 and a high of $16.53 and are now at $12.52, which is 376% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Century Aluminum on February 24th, 2017 by issuing a Downtrend alert when the shares were trading at $13.81. Since that call, shares of Century Aluminum have fallen 10.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Century Aluminum

Ticker(s): CENX