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Possible Bearish Inside Day Candle Pattern Detected for Adv Energy Inds (NASDAQ:AEIS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Adv Energy Inds (NASDAQ:AEIS) based on the price action in the company's shares. Yesterday's price range of $53.19 and $53.93 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. Owners of Adv Energy Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Advanced Energy Industries, Inc. provides engineered precision power conversion, measurement, and control solutions. The Company designs, manufactures, sells and supports power conversion products and solutions that transform power into various usable forms in a variety of applications ranging from manufacturing and industrial processes to instrumentation and measurement.

Adv Energy Inds has overhead space with shares priced $53.39, or 32.1% below the average consensus analyst price target of $78.60. Adv Energy Inds shares have support at the 50-day moving average (MA) of $52.45 and additional support at the 200-day MA of $50.13.

In the past 52 weeks, Adv Energy Inds share prices have been bracketed by a low of $38.74 and a high of $69.21 and closed yesterday at $53.39, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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

Keywords: bearish am inside day candle adv energy inds

Ticker(s): AEIS