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Possible Bullish Inside Day Candle Pattern Detected for Covanta Holding (NYSE:CVA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Covanta Holding (NYSE:CVA) based on the price action in the company's shares. Yesterday's price range of $17.40 and $17.51 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 Covanta Holding 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, Covanta Holding share prices have been bracketed by a low of $12.92 and a high of $18.05 and closed yesterday at $17.51, 36% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 0.01% higher over the past week, respectively.

Potential upside of 0.9% exists for Covanta Holding, based on a current level of $17.51 and analysts' average consensus price target of $17.67. Covanta Holding shares have support at the 50-day moving average (MA) of $17.14 and additional support at the 200-day MA of $16.39.

Covanta Holding Corporation conducts operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

SmarTrend is tracking the current trend status for Covanta Holding and will alert subscribers who have CVA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle covanta holding

Ticker(s): CVA