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Possible Bearish Inside Day Candle Pattern Detected for Compass Minerals (NYSE:CMP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Compass Minerals (NYSE:CMP) based on the price action in the company's shares. Yesterday's price range of $56.29 and $57.23 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 Compass Minerals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Compass Minerals share prices have moved between a 52-week high of $69.23 and a 52-week low of $38.19 and closed yesterday at 48% above that low price at $56.62 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.5%.

Compass Minerals International, Inc. produces highway deicing salt in North America and the United Kingdom. The Company also produces general trade salt and sulfate of potash. Compass Minerals sells its highway deicing salt primarily to state, provincial, county, and municipal highway departments for deicing applications.

Compass Minerals has overhead space with shares priced $56.62, or 22.3% below the average consensus analyst price target of $72.86. Compass Minerals shares have support at the 50-day moving average (MA) of $53.33 and additional support at the 200-day MA of $53.16.

SmarTrend is monitoring the recent change of momentum in Compass Minerals. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Compass Minerals in search of a potential trend change.

Keywords: bearish am inside day candle compass minerals

Ticker(s): CMP