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Possible Bullish Inside Day Candle Pattern Detected for Minerals Tech (NYSE:MTX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Minerals Tech (NYSE:MTX) based on the price action in the company's shares. Yesterday's price range of $53.15 and $54.10 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 Minerals 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.

Minerals Tech (NYSE:MTX) has potential upside of 69.2% based on a current price of $53.19 and analysts' consensus price target of $90.00. Minerals Tech shares should encounter resistance at the 200-day moving average (MA) of $55.09 and support at the 50-day MA of $52.66.

Minerals Technologies Inc. is a resource- and technology-based organization that develops and produces performance-enhancing minerals, mineral-based, and synthetic mineral products. The Company offers its products to the paper, steel, polymer, and other manufacturing industries on a worldwide basis.

Minerals Tech share prices have moved between a 52-week high of $63.75 and a 52-week low of $45.26 and closed yesterday at 18% above that low price at $53.19 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

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

Keywords: bullish am inside day candle minerals tech

Ticker(s): MTX