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Possible Bullish Inside Day Candle Pattern Detected for Ardmore Shipping (NYSE:ASC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ardmore Shipping (NYSE:ASC) based on the price action in the company's shares. Yesterday's price range of $8.06 and $8.34 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. Traders and investors interested in shares of Ardmore Shipping may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ardmore Shipping Corporation is engaged in the ownership and operation of product and chemical tankers in worldwide trade. The Company provides shipping services to customers through voyage charters, commercial pools and time charters.

Ardmore Shipping (NYSE:ASC) has potential upside of 19.4% based on a current price of $8.30 and analysts' consensus price target of $9.91. Ardmore Shipping shares should encounter resistance at the 50-day moving average (MA) of $8.33 and support at its 200-day MA of $7.40.

In the past 52 weeks, Ardmore Shipping share prices have been bracketed by a low of $4.66 and a high of $9.59 and closed yesterday at $8.30, 78% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 0.7%.

SmarTrend is tracking the current trend status for Ardmore Shipping and will alert subscribers who have ASC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ardmore shipping

Ticker(s): ASC