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

By Shiri Gupta

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 $14.78 and $14.96 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.

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.

Covanta Holding (NYSE:CVA) has potential upside of 18.4% based on a current price of $14.93 and analysts' consensus price target of $17.67. The stock should hit resistance at its 200-day moving average (MA) of $16.68, as well as support at its 50-day MA of $14.76.

In the past 52 weeks, shares of Covanta Holding have traded between a low of $13.88 and a high of $18.38 and closed yesterday at $14.93, which is 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Covanta Holding on July 26th, 2019 by issuing a Downtrend alert when the shares were trading at $16.34. Since that call, shares of Covanta Holding have fallen 9.7%. 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 covanta holding

Ticker(s): CVA