Possible Bullish Inside Day Candle Pattern Detected for Praxair (NYSE:PX)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Praxair (NYSE:PX) based on the price action in the company's shares. Yesterday's price range of $115.52 and $116.84 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 Praxair may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
There is potential upside of 6.3% for shares of Praxair based on a current price of $116.54 and an average consensus analyst price target of $123.88. The stock should find initial support at its 50-day moving average (MA) of $112.78 and further support at its 200-day MA of $108.31.
Praxair share prices have moved between a 52-week high of $124.17 and a 52-week low of $95.60 and closed yesterday at 22% above that low price at $116.54 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.
Praxair, Inc. supplies gas to industries primarily located in North and South America. The Company produces, sells, and distributes atmospheric gases including oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronics gases, and acetylene. Praxair also supplies metallic and ceramic coatings and powders.
SmarTrend is tracking the current trend status for Praxair and will alert subscribers who have PX in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish am inside day candle praxair