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

By Shiri Gupta

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. Yesterday's price range of $26.62 and $26.89 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 Colfax Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Colfax Corp has traded in a range of $18.95 to $37.05 and closed yesterday at $26.96, 42% above that low. The 200-day and 50-day moving averages have moved 0.25% lower and 0.37% lower over the past week, respectively.

There is potential upside of 36.3% for shares of Colfax Corp based on a current price of $26.96 and an average consensus analyst price target of $36.75. The stock should run into initial resistance at its 200-day moving average (MA) of $28.14 and subsequent resistance at its 50-day MA of $28.50.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Colfax Corp on May 8th, 2019 by issuing a Downtrend alert when the shares were trading at $28.03. Since that call, shares of Colfax Corp have fallen 3.9%. 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 colfax corp

Ticker(s): CFX