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Possible Bullish Inside Day Candle Pattern Detected for Compass Minerals International (NYSE:CMP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Compass Minerals International (NYSE:CMP) based on the price action in the company's shares. Yesterday's price range of $71.40 and $73.10 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 Compass Minerals International may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Compass Minerals International, Inc. produces highway deicing salt in North America and the United Kingdom. The Company also produces general trade salt and sulfate of potash. Compass Minerals sells its highway deicing salt primarily to state, provincial, county, and municipal highway departments for deicing applications.

Compass Minerals International has overhead space with shares priced $72.15, or 18.8% below the average consensus analyst price target of $88.86. The stock should hit resistance at its 200-day moving average (MA) of $77.39, as well as support at its 50-day MA of $71.97.

Over the past year, Compass Minerals International has traded in a range of $66.30 to $89.98 and closed yesterday at $72.15, 9% above that low. The 200-day and 50-day moving averages have moved 0.21% lower and 0.65% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Compass Minerals International and will alert subscribers who have CMP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle compass minerals international

Ticker(s): CMP