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Possible Bearish Inside Day Candle Pattern Detected for Celanese Corp-A (NYSE:CE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Celanese Corp-A (NYSE:CE) based on the price action in the company's shares. Yesterday's price range of $82.89 and $83.82 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. Owners of Celanese Corp-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Celanese Corp-A share prices have been bracketed by a low of $52.70 and a high of $128.88 and closed yesterday at $82.10, 56% above that low price. The 200-day and 50-day moving averages have moved 0.2% lower and 1.26% lower over the past week, respectively.

Celanese Corporation operates as a global integrated producer of chemicals and advanced materials. The Company offers products such as acetyl, acetate, vinyl emulsion, and engineered polymers. Celanese operations serves customers worldwide.

Potential upside of 50.5% exists for Celanese Corp-A, based on a current level of $82.10 and analysts' average consensus price target of $123.53. The stock should run into initial resistance at its 50-day moving average (MA) of $88.02 and subsequent resistance at its 200-day MA of $110.19.

SmarTrend is tracking the current trend status for Celanese Corp-A and will alert subscribers who have CE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle celanese corp-a

Ticker(s): CE