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

By James Quinn

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 $45.00 and $45.42 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.

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.

In the past 52 weeks, shares of Cognex Corp have traded between a low of $34.88 and a high of $59.18 and closed yesterday at $45.00, which is 29% above that low price. The 200-day and 50-day moving averages have moved 0.02% lower and 1.4% lower over the past week, respectively.

Cognex Corp (NASDAQ:CGNX) has potential upside of 10.2% based on a current price of $45.00 and analysts' consensus price target of $49.60. Cognex Corp shares should first meet resistance at the 200-day moving average (MA) of $48.38 and find additional resistance at the 50-day MA of $51.77.

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