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Possible Bearish Inside Day Candle Pattern Detected for Badger Meter Inc (NYSE:BMI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Badger Meter Inc (NYSE:BMI) based on the price action in the company's shares. Yesterday's price range of $54.66 and $55.78 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 Badger Meter Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Badger Meter Inc share prices have been bracketed by a low of $46.70 and a high of $61.57 and closed yesterday at $55.38, 19% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1%.

Badger Meter, Inc. manufactures and markets flow measurement and control products. The Company's products are used to measure and control the flow of liquids and gases in a variety of applications. Badger's products include water meters and associated systems, wastewater meters, industrial process meters, automotive fluid meters, small valves, and natural gas instruments.

Badger Meter Inc (NYSE:BMI) is currently priced 25.4% above its average consensus analyst price target of $41.33. Badger Meter Inc shares have support at the 200-day moving average (MA) of $54.68 and additional support at the 50-day MA of $54.15.

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

Keywords: bearish am inside day candle badger meter inc

Ticker(s): BMI