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Possible Bearish Inside Day Candle Pattern Detected for Avx Corp (NYSE:AVX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Avx Corp (NYSE:AVX) based on the price action in the company's shares. Yesterday's price range of $15.37 and $15.54 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 Avx Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AVX Corporation manufactures and supplies a variety of passive electronic components and related products. The Company's products include ceramic and tantalum capacitors which are used in many electronic products to store, filter, and regulate electric energy. AVX's customers include original equipment manufacturers in various industries.

Potential upside of 4.0% exists for Avx Corp, based on a current level of $15.50 and analysts' average consensus price target of $16.12. The stock should run into initial resistance at its 50-day moving average (MA) of $16.63 and subsequent resistance at its 200-day MA of $17.18.

Over the past year, Avx Corp has traded in a range of $14.21 to $21.48 and closed yesterday at $15.50, 9% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Avx Corp on April 23rd, 2019 by issuing a Downtrend alert when the shares were trading at $16.64. Since that call, shares of Avx Corp have fallen 5.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle avx corp

Ticker(s): AVX