• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Corecivic Inc (NYSE:CXW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Corecivic Inc (NYSE:CXW) based on the price action in the company's shares. Today's price range of $11.13 and $11.65 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. Owners of Corecivic Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CoreCivic, Inc. provides detention and corrections services to governmental agencies. The Company designs, constructs, owns, manages, and renovates jails, prisons, government agencies, and inmate transportation companies. CoreCivic operates throughout the United States.

In the past 52 weeks, Corecivic Inc share prices have been bracketed by a low of $8.33 and a high of $24.38 and are now at $11.31, 36% above that low price. The 200-day and 50-day moving averages have moved 1% lower and 1.99% lower over the past week, respectively.

Potential upside of 112.2% exists for Corecivic Inc, based on a current level of $11.31 and analysts' average consensus price target of $24.00. The stock should run into initial resistance at its 50-day moving average (MA) of $14.75 and subsequent resistance at its 200-day MA of $16.63.

SmarTrend recommended that its subscribers protect gains by selling shares of Corecivic Inc on February 27th, 2020 by issuing a Downtrend alert when the shares were trading at $15.91. Since that call, shares of Corecivic Inc have fallen 24.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle corecivic inc

Ticker(s): CXW