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Possible Bullish Inside Day Candle Pattern Detected for Kennametal Inc (NYSE:KMT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Kennametal Inc (NYSE:KMT) based on the price action in the company's shares. Yesterday's price range of $31.36 and $31.93 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 Kennametal Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Kennametal Inc has overhead space with shares priced $31.69, or 35.2% below the average consensus analyst price target of $48.89. The stock should hit resistance at its 200-day moving average (MA) of $34.41, as well as support at its 50-day MA of $30.33.

Kennametal Inc. manufactures, purchases, and distributes tools, tooling systems, and solutions to the metalworking, mining, oil, and energy industries. The Company also manufactures and distributes wear-resistant parts for a wide range of industries. Kennametal operates worldwide.

In the past 52 weeks, shares of Kennametal Inc have traded between a low of $27.49 and a high of $43.98 and closed yesterday at $31.69, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.2%.

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

Keywords: bullish am inside day candle kennametal inc

Ticker(s): KMT