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Possible Bullish Inside Day Candle Pattern Detected for Hexcel (NYSE:HXL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hexcel (NYSE:HXL) based on the price action in the company's shares. Yesterday's price range of $43.57 and $43.93 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 Hexcel may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Hexcel Corporation develops, manufactures, and markets reinforcement products, composite materials, and engineered products. The Company's products are used in the commercial aerospace, space and defense, electronics, general industrial, and recreation markets for a variety of end products. Hexcel operates around the world.

In the past 52 weeks, shares of Hexcel have traded between a low of $37.54 and a high of $54.72 and closed yesterday at $43.88, which is 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.3%.

There is potential upside of 19.1% for shares of Hexcel based on a current price of $43.88 and an average consensus analyst price target of $52.27. The stock should run into initial resistance at its 50-day moving average (MA) of $44.01 and subsequent resistance at its 200-day MA of $45.50.

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

Keywords: bullish am inside day candle hexcel

Ticker(s): HXL