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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 $269.23 and $279.64 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's system corrects the misalignment using a series of clear, removable appliances that move teeth to a desired final position.

Align Technology (NASDAQ:ALGN) has potential upside of 10.4% based on a current price of $269.62 and analysts' consensus price target of $297.77. The stock should hit resistance at its 200-day moving average (MA) of $293.58, as well as support at its 50-day MA of $240.58.

Over the past year, Align Technology has traded in a range of $177.93 to $398.88 and closed yesterday at $269.62, 52% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 3.2%.

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

Keywords: bearish am inside day candle align technology

Ticker(s): ALGN