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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Danaher (NYSE:DHR) based on the price action in the company's shares. Today's price range of $79.40 and $80.16 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 Danaher may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Danaher share prices have moved between a 52-week high of $102.79 and a 52-week low of $75.71 and are now trading 5% above that low price at $79.80 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.

Danaher Corporation designs, manufactures, and markets professional instrumentation, medical technologies, industrial technologies, and tools and components.

Danaher has overhead space with shares priced $79.80, or 20.6% below the average consensus analyst price target of $100.50. Danaher shares should first meet resistance at the 200-day moving average (MA) of $90.75 and find additional resistance at the 50-day MA of $93.54.

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

Keywords: bearish inside day candle danaher

Ticker(s): DHR