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Possible Bearish Inside Day Candle Pattern Detected for Cognex Corp (NASDAQ:CGNX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cognex Corp (NASDAQ:CGNX) based on the price action in the company's shares. Yesterday's price range of $53.35 and $54.42 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 Cognex 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 Cognex Corp have traded between a low of $39.98 and a high of $59.14 and closed yesterday at $53.79, which is 35% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.40% higher over the past week, respectively.

Cognex Corp (NASDAQ:CGNX) defies analysts with a current price ($53.79) 7.8% above its average consensus price target of $49.60. The stock should hit resistance at its 50-day moving average (MA) of $54.71, as well as support at its 200-day MA of $48.74.

Cognex Corporation designs, develops, manufactures, and markets machine vision systems. The Company's systems are used to automate the manufacture of a variety of discrete items and to assure their quality. Cognex has regional offices located throughout North America, Japan, Europe, and Southeast Asia.

SmarTrend is tracking the current trend status for Cognex Corp and will alert subscribers who have CGNX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cognex corp

Ticker(s): CGNX