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Possible Bullish Inside Day Candle Pattern Detected for Chart Industries (NASDAQ:GTLS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chart Industries (NASDAQ:GTLS) based on the price action in the company's shares. Yesterday's price range of $57.92 and $59.55 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 Chart 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.

Potential upside of 7.7% exists for Chart Industries, based on a current level of $59.44 and analysts' average consensus price target of $64.00. The stock should find initial support at its 50-day moving average (MA) of $22.15 and further support at its 200-day MA of $20.89.

In the past 52 weeks, shares of Chart Industries have traded between a low of $21.80 and a high of $61.75 and closed yesterday at $59.44, which is 173% above that low price. The 200-day and 50-day moving averages have moved 0.73% lower and 2.96% higher over the past week, respectively.

Chart Industries, Inc. is a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. The Company's products include vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components.

SmarTrend recommended that subscribers consider buying shares of Chart Industries on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.04. Since that recommendation, shares of Chart Industries have risen 17.8%. We continue to monitor GTLS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle chart industries

Ticker(s): GTLS