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Possible Bullish Inside Day Candle Pattern Detected for Huntsman (NYSE:HUN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Huntsman (NYSE:HUN) based on the price action in the company's shares. Today's price range of $13.08 and $13.61 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 Huntsman may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Huntsman Corporation manufactures differentiated and commodity chemical products. The Company markets a broad range of chemical products and formulations to a diversified group of consumer and industrial customers. Huntsman's products are used in a range of applications, including those in adhesives, aerospace, automotive, construction products, and consumer products.

There is potential upside of 51.4% for shares of Huntsman based on a current price of $13.27 and an average consensus analyst price target of $20.09. Huntsman shares should encounter resistance at the 50-day moving average (MA) of $13.32 and support at its 200-day MA of $12.78.

Over the past year, Huntsman has traded in a range of $7.45 to $23.83 and is now at $13.27, 78% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.4%.

SmarTrend is monitoring the recent change of momentum in Huntsman. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Huntsman in search of a potential trend change.

Keywords: bullish inside day candle Huntsman

Ticker(s): HUN