• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Haynes Intl Inc (NASDAQ:HAYN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Haynes Intl Inc (NASDAQ:HAYN) based on the price action in the company's shares. Yesterday's price range of $19.85 and $21.43 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 Haynes Intl Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Haynes Intl Inc has traded in a range of $17.61 to $39.04 and closed yesterday at $20.55, 17% above that low. The 200-day and 50-day moving averages have moved 0.83% lower and 4.51% lower over the past week, respectively.

Haynes Intl Inc has overhead space with shares priced $20.55, or 59.3% below the average consensus analyst price target of $50.50. Haynes Intl Inc shares should first meet resistance at the 50-day moving average (MA) of $25.18 and find additional resistance at the 200-day MA of $31.40.

Haynes International, Inc. develops, manufactures, and markets high performance alloys, primarily for use in the aerospace and chemical processing industries.

SmarTrend recommended that its subscribers protect gains by selling shares of Haynes Intl Inc on February 24th, 2020 by issuing a Downtrend alert when the shares were trading at $27.26. Since that call, shares of Haynes Intl Inc have fallen 24.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle haynes intl inc

Ticker(s): HAYN