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Possible Bullish Inside Day Candle Pattern Detected for Hexcel Corp (NYSE:HXL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hexcel Corp (NYSE:HXL) based on the price action in the company's shares. Yesterday's price range of $32.73 and $33.46 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 Hexcel 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.

Over the past year, Hexcel Corp has traded in a range of $28.05 to $87.00 and closed yesterday at $30.99, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 3% while the 200-day MA has slid 0.6%.

Hexcel Corp (NYSE:HXL) has potential upside of 134.1% based on a current price of $30.99 and analysts' consensus price target of $72.54. Hexcel Corp shares should first meet resistance at the 50-day moving average (MA) of $54.32 and find additional resistance at the 200-day MA of $72.67.

Hexcel Corporation develops, manufactures, and markets reinforcement products, composite materials, and engineered products. The Company's products are used in the commercial aerospace, space and defense, electronics, general industrial, and recreation markets for a variety of end products. Hexcel operates around the world.

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

Keywords: bullish am inside day candle hexcel corp

Ticker(s): HXL