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Possible Bullish Inside Day Candle Pattern Detected for Tenaris (NYSE:TS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tenaris (NYSE:TS) based on the price action in the company's shares. Today's price range of $25.25 and $25.63 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 Tenaris 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 15.6% exists for Tenaris, based on a current level of $25.47 and analysts' average consensus price target of $29.44. The stock should discover initial support at its 50-day moving average (MA) of $24.38 and subsequent support at its 200-day MA of $24.34.

Over the past year, Tenaris has traded in a range of $18.53 to $32.10 and is now at $25.47, 37% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

SmarTrend recommended that subscribers consider buying shares of Tenaris on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.39. Since that recommendation, shares of Tenaris have risen 17.9%. We continue to monitor TS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle tenaris

Ticker(s): TS