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Possible Bearish Inside Day Candle Pattern Detected for Align Technology (NASDAQ:ALGN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Align Technology (NASDAQ:ALGN) based on the price action in the company's shares. Yesterday's price range of $265.47 and $272.23 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 Align Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Align Technology, Inc. designs, manufactures, and markets the invisalign system, a method for treating the misalignment of teeth. The Company offers a system that corrects the misalignment using a series of clear and removable appliances that move teeth to a desired final position. Align Technology serves customers worldwide.

Align Technology share prices have moved between a 52-week high of $333.17 and a 52-week low of $169.84 and closed yesterday at 61% above that low price at $272.97 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.3%.

Align Technology has overhead space with shares priced $272.97, or 8.3% below the average consensus analyst price target of $297.77. Align Technology shares should encounter resistance at the 50-day moving average (MA) of $273.45 and support at its 200-day MA of $251.53.

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

Keywords: bearish am inside day candle align technology

Ticker(s): ALGN