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Possible Bearish Inside Day Candle Pattern Detected for Aspen Technology (NASDAQ:AZPN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aspen Technology (NASDAQ:AZPN) based on the price action in the company's shares. Yesterday's price range of $102.50 and $105.58 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 Aspen Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Aspen Technology, Inc. supplies process optimization software products and services. The Company's customers are in energy, chemicals, engineering and construction, and other industries that manufacture and produce products from a chemical process. Aspen Technology customers use the products to design and run their plants and manage their supply chains.

Aspen Technology (NASDAQ:AZPN) is currently priced 16.9% above its average consensus analyst price target of $85.14. The stock should find initial support at its 50-day moving average (MA) of $97.81 and further support at its 200-day MA of $96.96.

In the past 52 weeks, shares of Aspen Technology have traded between a low of $74.84 and a high of $118.86 and closed yesterday at $102.52, which is 37% above that low price. The 200-day and 50-day moving averages have moved 0.23% higher and 1.95% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Aspen Technology on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.51. Since that recommendation, shares of Aspen Technology have risen 21.3%. We continue to monitor AZPN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle aspen technology

Ticker(s): AZPN