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Possible Bullish Inside Day Candle Pattern Detected for Chicago Bridge & Iron (NYSE:CBI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chicago Bridge & Iron (NYSE:CBI) based on the price action in the company's shares. Yesterday's price range of $32.48 and $33.38 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 Chicago Bridge & Iron may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Chicago Bridge & Iron has overhead space with shares priced $33.23, or 41.2% below the average consensus analyst price target of $56.50. The stock should run into initial resistance at its 50-day moving average (MA) of $36.66 and subsequent resistance at its 200-day MA of $40.30.

Chicago Bridge & Iron share prices have moved between a 52-week high of $59.45 and a 52-week low of $31.30 and closed yesterday at 6% above that low price at $33.23 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.9%.

Chicago Bridge & Iron Company N.V. engineers and designs, fabricates, erects, and repairs steel plate structures and their associated systems. The Company builds and repairs bulk liquid terminals, storage tanks, process vessels, and low temperature and cryogenic storage facilities.

SmarTrend recommended that its subscribers protect gains by selling shares of Chicago Bridge & Iron on May 9th, 2016 by issuing a Downtrend alert when the shares were trading at $37.57. Since that call, shares of Chicago Bridge & Iron have fallen 14.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle chicago bridge & iron

Ticker(s): CBI