• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Colfax Corp (NYSE:CFX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Colfax Corp (NYSE:CFX) based on the price action in the company's shares. Today's price range of $30.20 and $30.47 is within yesterday'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 Colfax Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Colfax Corporation manufactures a broad range of fluid handling products, including pumps, fluid handling systems, and specialty valves. The Company specializes in rotary positive displacement pumps, which include screw pumps, gear pumps, and progressive cavity pumps.

There is potential upside of 21.6% for shares of Colfax Corp based on a current price of $30.22 and an average consensus analyst price target of $36.75. The stock should find initial resistance at its 50-day moving average (MA) of $31.15 and further resistance at its 200-day MA of $35.07.

In the past 52 weeks, Colfax Corp share prices have been bracketed by a low of $28.80 and a high of $43.29 and are now at $30.22, 5% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.2%.

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

Keywords: bearish inside day candle colfax corp

Ticker(s): CFX