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Possible Bearish Inside Day Candle Pattern Detected for Amphenol (NYSE:APH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amphenol (NYSE:APH) based on the price action in the company's shares. Today's price range of $62.36 and $62.64 is within yesterday'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 Amphenol may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $62.47, Amphenol is currently 5.9% above its average consensus analyst price target of $58.80. The stock should find initial support at its 50-day moving average (MA) of $56.78 and further support at its 200-day MA of $53.45.

In the past 52 weeks, Amphenol share prices have been bracketed by a low of $44.50 and a high of $63.09 and are now at $62.47, 40% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

Amphenol Corporation designs, manufactures, and markets electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable. The Company's products are used in a variety of industries, including telephone, wireless, and data communications systems, cable television systems, and commercial and military aerospace electronics.

SmarTrend recommended that subscribers consider buying shares of Amphenol on July 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $59.24. Since that recommendation, shares of Amphenol have risen 6.0%. We continue to monitor APH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle amphenol

Ticker(s): APH