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Possible Bearish Inside Day Candle Pattern Detected for Danaher Corp (NYSE:DHR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Danaher Corp (NYSE:DHR) based on the price action in the company's shares. Yesterday's price range of $104.20 and $105.29 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 Danaher Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 3.7% exists for Danaher Corp, based on a current level of $104.83 and analysts' average consensus price target of $108.67. The stock should discover initial support at its 50-day moving average (MA) of $102.21 and subsequent support at its 200-day MA of $101.84.

Danaher Corporation designs, manufactures, and markets professional, medical, industrial and commercial products, and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies.

Danaher Corp share prices have moved between a 52-week high of $110.86 and a 52-week low of $91.84 and closed yesterday at 14% above that low price at $104.83 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

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

Keywords: bearish am inside day candle Danaher Corp

Ticker(s): DHR