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Possible Bearish Inside Day Candle Pattern Detected for Astronics (NASDAQ:ATRO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Astronics (NASDAQ:ATRO) based on the price action in the company's shares. Yesterday's price range of $33.77 and $35.25 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 Astronics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Astronics Corporation designs, manufactures, and markets specialized lighting, control systems, and electronics for the cockpit, cabin, and exteriors of military, commercial jet, and general aviation aircraft.

Astronics has overhead space with shares priced $34.54, or 42.4% below the average consensus analyst price target of $60.00. The stock should find initial resistance at its 50-day moving average (MA) of $36.52 and further resistance at its 200-day MA of $38.64.

Over the past year, Astronics has traded in a range of $24.75 to $63.98 and closed yesterday at $34.54, 40% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 1.6%.

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

Keywords: bearish am inside day candle astronics

Ticker(s): ATRO