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Possible Bullish Inside Day Candle Pattern Detected for Carpenter Tech (NYSE:CRS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Carpenter Tech (NYSE:CRS) based on the price action in the company's shares. Yesterday's price range of $42.79 and $43.11 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 Carpenter Tech may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 39.6% exists for Carpenter Tech, based on a current level of $42.98 and analysts' average consensus price target of $60.00. The stock should find initial resistance at its 50-day moving average (MA) of $47.88 and further resistance at its 200-day MA of $48.04.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys. Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

In the past 52 weeks, Carpenter Tech share prices have been bracketed by a low of $32.77 and a high of $61.49 and closed yesterday at $42.98, 31% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.2%.

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

Keywords: bullish am inside day candle carpenter tech

Ticker(s): CRS