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Possible Bullish Inside Day Candle Pattern Detected for Harsco (NYSE:HSC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Harsco (NYSE:HSC) based on the price action in the company's shares. Today's price range of $12.25 and $12.40 is within yesterday'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 Harsco may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Harsco share prices have moved between a 52-week high of $18.00 and a 52-week low of $3.55 and are now trading 246% above that low price at $12.30 per share. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has advanced 1.0%.

Harsco is a diversified, multinational provider of industrial services and engineered products serving global industries that are fundamental to worldwide economic growth and infrastructure development. The company operates in four business segments: Harsco Infrastructure, Harsco Metals & Minerals, Harsco Rail and Harsco Industrial. Harsco has operations in over 50 countries, employs approximately 20,000 people and generates annual revenues in excess of $3 billion.

There is potential upside of 36.9% for shares of Harsco based on a current price of $12.30 and an average consensus analyst price target of $16.83. Harsco shares have support at the 200-day moving average (MA) of $8.58 and additional support at the 50-day MA of $5.70.

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

Keywords: bullish inside day candle harsco

Ticker(s): HSC