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Possible Bullish Inside Day Candle Pattern Detected for Minerals Technologies (NYSE:MTX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Minerals Technologies (NYSE:MTX) based on the price action in the company's shares. Yesterday's price range of $73.20 and $74.30 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 Minerals Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Minerals Technologies have traded between a low of $35.89 and a high of $83.85 and closed yesterday at $74.30, which is 107% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.2%.

Minerals Technologies Inc. is a resource- and technology-based organization that develops and produces performance-enhancing minerals, mineral-based, and synthetic mineral products. The Company's products are used for paper, steel, polymer, and other manufacturing industries on a worldwide basis.

There is potential upside of 5.0% for shares of Minerals Technologies based on a current price of $74.30 and an average consensus analyst price target of $78.00. The stock should discover initial support at its 50-day moving average (MA) of $56.13 and subsequent support at its 200-day MA of $53.41.

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

Keywords: bullish am inside day candle minerals technologies

Ticker(s): MTX