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Possible Bearish Inside Day Candle Pattern Detected for Kirby Corp (NYSE:KEX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kirby Corp (NYSE:KEX) based on the price action in the company's shares. Yesterday's price range of $90.21 and $91.39 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 Kirby Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kirby Corp (NYSE:KEX) is currently priced 2.9% above its average consensus analyst price target of $87.80. The stock should discover initial support at its 50-day moving average (MA) of $85.11 and subsequent support at its 200-day MA of $80.25.

Kirby Corporation operates a fleet of inland tank barges. The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals. Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Kirby Corp share prices have moved between a 52-week high of $92.30 and a 52-week low of $66.12 and closed yesterday at 37% above that low price at $90.41 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Kirby Corp on November 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $85.11. Since that recommendation, shares of Kirby Corp have risen 7.4%. We continue to monitor KEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle kirby corp

Ticker(s): KEX