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

By Shiri Gupta

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 $6.00 and $6.25 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 has overhead space with shares priced $6.22, or 65.7% below the average consensus analyst price target of $18.12. The stock should find resistance at its 200-day moving average (MA) of $8.58, as well as support at its 50-day MA of $5.70.

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.

In the past 52 weeks, shares of Harsco have traded between a low of $3.55 and a high of $18.00 and are now at $6.22, which is 75% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 2%.

SmarTrend recommended that subscribers consider buying shares of Harsco on March 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.89. Since that recommendation, shares of Harsco have risen 20.0%. We continue to monitor HSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle harsco

Ticker(s): HSC