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Possible Bearish Inside Day Candle Pattern Detected for Huntsman Corp (NYSE:HUN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Huntsman Corp (NYSE:HUN) based on the price action in the company's shares. Today's price range of $14.78 and $15.40 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 Huntsman Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Huntsman Corporation manufactures and markets differentiated chemicals. The Company offers accelerators, advanced materials, agricultural surfactants, amine oxides, butylene carbonate, clarite, carbonates, dimethylpiperazine, ethanolamines, pigments, and wide variety of other chemicals. Huntsman serves consumer and industrial markets worldwide.

Over the past year, Huntsman Corp has traded in a range of $12.23 to $25.66 and is now at $14.79, 21% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.6%.

Huntsman Corp has overhead space with shares priced $14.79, or 63.2% below the average consensus analyst price target of $40.14. Huntsman Corp shares should first meet resistance at the 50-day moving average (MA) of $17.79 and find additional resistance at the 200-day MA of $20.85.

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

Keywords: bearish inside day candle huntsman corp

Ticker(s): HUN