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Possible Bullish Inside Day Candle Pattern Detected for Covanta Holding (NYSE:CVA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Covanta Holding (NYSE:CVA) based on the price action in the company's shares. Yesterday's price range of $9.17 and $9.99 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 Covanta Holding may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Covanta Holding share prices have been bracketed by a low of $9.14 and a high of $18.38 and closed yesterday at $9.99, 9% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.8% while the 200-day MA has slid 1%.

Covanta Holding Corporation conducts operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

There is potential upside of 76.8% for shares of Covanta Holding based on a current price of $9.99 and an average consensus analyst price target of $17.67. Covanta Holding shares should first meet resistance at the 50-day moving average (MA) of $14.60 and find additional resistance at the 200-day MA of $16.01.

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

Keywords: bullish am inside day candle covanta holding

Ticker(s): CVA