Home PageNewsletter: Sunday, November 1, 2015

 
Carbo Ceramics Inc. - Daily Chart

Click for the current daily chart of CRR
Date Last 3 Daily Candle Patterns Strength
30-Oct-2015 Bullish Doji Star 103
27-Oct-2015 Bullish Doji Star 83
21-Oct-2015 Bearish Harami -52

News:

The setup for Carbo Ceramics Inc. (CRR) makes it an interesting stock to watch for the next couple of weeks. The daily chart of CRR above shows a Bullish Doji Star candlestick pattern appearing after downward price pressure since mid-June 2015. CRR is down about 55 percent year to date. Nearly half the shares are held short indicating strong conviction by the shorts that the shares may continue to slide. With that many shares held short it also provides for the possibility of a strong short cover rally. Short term target (within the next 10 trading days) is $19 (up more than 8% from the close on 10/30) based on the following technical factors...


  1. Ability to bounce: Two recent instances of a significant price bounce, early October then again on October 27 following the Bullish Doji Star candlestick pattern.

  2. The price is way below the 100-day SMA (simple moving average) indicating possible oversold conditions.

  3. Downtrend is broken for now. See the last solid orange line on the daily chart.

  4. Strong volume the last 6 trading days indicates increased interest in the stock. The highest volume within those 6 trading days occurred near recent lows. Five days ago the volume peaked then we got a lower price the following day with much lower volume. This could indicate fewer sellers are out there to push the stock down further.

  5. Hammer-like pattern on October 30 just below the 23.6% Fibonacci retracement level at $17.82. If it closes above $17.82 then the move to $19 (round number at approximately the 38.2% fib retracement) may be in play. The concern for now is that it closed below $17.82 on Friday.



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