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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 $23.39 and $23.60 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 has overhead space with shares priced $23.48, or 2.6% below the average consensus analyst price target of $24.10. The stock should discover initial support at its 50-day moving average (MA) of $13.32 and subsequent support at its 200-day MA of $12.78.

Huntsman share prices have moved between a 52-week high of $25.22 and a 52-week low of $7.45 and are now trading 215% above that low price at $23.48 per share. 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%.

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.

SmarTrend recommended that subscribers consider buying shares of Huntsman on September 30th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.11. Since that recommendation, shares of Huntsman have risen 45.1%. We continue to monitor HUN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Huntsman

Ticker(s): HUN