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Possible Bullish Inside Day Candle Pattern Detected for CF Industries (NYSE:CF)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CF Industries (NYSE:CF) based on the price action in the company's shares. Yesterday's price range of $23.60 and $24.48 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 CF Industries 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 CF Industries have traded between a low of $23.15 and a high of $70.32 and closed yesterday at $24.06, which is 4% above that low price. The 200-day and 50-day moving averages have moved 1.51% lower and 0.15% lower over the past week, respectively.

There is potential upside of 135.3% for shares of CF Industries based on a current price of $24.06 and an average consensus analyst price target of $56.60. The stock should find initial resistance at its 50-day moving average (MA) of $33.12 and further resistance at its 200-day MA of $43.22.

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products in North America. The Company's principal products in the nitrogen segment are ammonia, urea and urea ammonium nitrate solution and its principal products in the phosphate segment are diammonium phosphate, monoammonium phosphate, and granular muriate of potash.

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

Keywords: bullish am inside day candle CF Industries

Ticker(s): CF