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

By David Diaz

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. Yesterday's price range of $6.00 and $6.29 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 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 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.

Over the past year, Harsco has traded in a range of $3.55 to $18.00 and closed yesterday at $6.22, 75% above that low. The 200-day and 50-day moving averages have moved 1.99% lower and 1.03% higher over the past week, respectively.

Potential upside of 191.4% exists for Harsco, based on a current level of $6.22 and analysts' average consensus price target of $18.12. The stock should hit resistance at its 200-day moving average (MA) of $8.58, as well as support at its 50-day MA of $5.70.

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 am inside day candle harsco

Ticker(s): HSC