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Possible Bearish Inside Day Candle Pattern Detected for Bruker Corp (NASDAQ:BRKR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bruker Corp (NASDAQ:BRKR) based on the price action in the company's shares. Yesterday's price range of $43.36 and $44.36 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 Bruker Corp 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, shares of Bruker Corp have traded between a low of $26.10 and a high of $51.41 and closed yesterday at $43.36, which is 66% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 1%.

Bruker Corporation designs, manufactures, and markets proprietary life science systems based on spectrometry technology platforms. The Company also sells a range of field analytical systems for substance detection and pathogen identification. Bruker develops life science and advanced materials research tools based on X-ray technology.

Bruker Corp (NASDAQ:BRKR) is currently priced 20.1% above its average consensus analyst price target of $34.64. The stock should find resistance at its 50-day moving average (MA) of $45.47, as well as support at its 200-day MA of $39.45.

SmarTrend recommended that its subscribers protect gains by selling shares of Bruker Corp on August 1st, 2019 by issuing a Downtrend alert when the shares were trading at $47.16. Since that call, shares of Bruker Corp have fallen 5.7%. 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 bruker corp

Ticker(s): BRKR