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Possible Bullish Inside Day Candle Pattern Detected for Potash (NYSE:POT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Potash (NYSE:POT) based on the price action in the company's shares. Today's price range of $16.04 and $16.33 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 Potash may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 48.8% exists for Potash, based on a current level of $16.08 and analysts' average consensus price target of $23.93. The stock should run into initial resistance at its 50-day moving average (MA) of $17.47 and subsequent resistance at its 200-day MA of $19.95.

Potash share prices have moved between a 52-week high of $33.52 and a 52-week low of $14.64 and are now trading 10% above that low price at $16.08 per share. The 200-day and 50-day moving averages have moved 1.2% lower and 0.28% higher over the past week, respectively.

Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and nitrogen to the agricultural and industrial industries worldwide. The Company conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.

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

Keywords: bullish inside day candle Potash

Ticker(s): POT