Possible Bullish Inside Day Candle Pattern Detected for Sociedad Quimica y Minera de Chile (NYSE:SQM)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sociedad Quimica y Minera de Chile (NYSE:SQM) based on the price action in the company's shares. Yesterday's price range of $24.38 and $24.71 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 Sociedad Quimica y Minera de Chile may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Over the past year, Sociedad Quimica y Minera de Chile has traded in a range of $12.65 to $26.33 and closed yesterday at $24.64, 95% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.4%.
Sociedad Quimica y Minera de Chile (NYSE:SQM) is currently priced 9.0% above its average consensus analyst price target of $22.43. The stock should find initial support at its 50-day moving average (MA) of $20.31 and further support at its 200-day MA of $17.38.
Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers including potassium nitrate, sodium nitrate, and potassium sulfate for the agricultural industry. The Company also produces industrial chemicals, iodine and lithium. SQM markets its products in over 100 countries.
SmarTrend recommended that subscribers consider buying shares of Sociedad Quimica y Minera de Chile on May 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.10. Since that recommendation, shares of Sociedad Quimica y Minera de Chile have risen 10.2%. We continue to monitor SQM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish am inside day candle sociedad quimica y minera de chile