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Possible Bearish Inside Day Candle Pattern Detected for Donaldson Co Inc (NYSE:DCI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Donaldson Co Inc (NYSE:DCI) based on the price action in the company's shares. Yesterday's price range of $49.21 and $49.21 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 Donaldson Co Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.0% for shares of Donaldson Co Inc based on a current price of $49.24 and an average consensus analyst price target of $52.67. The stock should hit resistance at its 200-day moving average (MA) of $49.80, as well as support at its 50-day MA of $48.55.

Donaldson Company, Inc. manufactures filtration systems and replacement parts. The Company's products include filters and emission control products for heavy duty mobile equipment, in-plant air cleaning systems, air intake systems for industrial gas turbines, and specialized filters for computer disk drives, aircraft cabins, and semiconductors. Donaldson operates around the world.

In the past 52 weeks, Donaldson Co Inc share prices have been bracketed by a low of $40.27 and a high of $59.43 and closed yesterday at $49.24, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

SmarTrend is monitoring the recent change of momentum in Donaldson Co Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Donaldson Co Inc in search of a potential trend change.

Keywords: bearish am inside day candle donaldson co inc

Ticker(s): DCI