• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Cabot Corp (NYSE:CBT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cabot Corp (NYSE:CBT) based on the price action in the company's shares. Yesterday's price range of $47.14 and $47.88 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 Cabot Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cabot Corporation has businesses in chemicals, performance materials, and specialty fluids. The Company manufactures and sells carbon black, fumed silica, plastics, ink jet colorants, tantalum, niobium, and germanium. Cabot's specialty fluids business produces and markets cesium formate as a drilling and completion fluid for use in oil and gas well operations.

Over the past year, Cabot Corp has traded in a range of $37.11 to $50.90 and closed yesterday at $47.23, 27% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

There is potential upside of 56.3% for shares of Cabot Corp based on a current price of $47.23 and an average consensus analyst price target of $73.83. Cabot Corp shares have support at the 50-day moving average (MA) of $45.91 and additional support at the 200-day MA of $44.48.

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

Keywords: bullish am inside day candle cabot corp

Ticker(s): CBT