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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Donaldson (NYSE:DCI) based on the price action in the company's shares. Yesterday's price range of $36.21 and $37.01 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 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, Donaldson has traded in a range of $25.21 to $38.65 and closed yesterday at $36.28, 44% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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.

Donaldson (NYSE:DCI) is currently priced 17.9% above its average consensus analyst price target of $29.80. The stock should find initial support at its 50-day moving average (MA) of $31.72 and further support at its 200-day MA of $30.27.

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

Keywords: bearish am inside day candle donaldson

Ticker(s): DCI