• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for DXP Enterprises (NASDAQ:DXPE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in DXP Enterprises (NASDAQ:DXPE) based on the price action in the company's shares. Yesterday's price range of $38.83 and $41.24 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 DXP Enterprises 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, DXP Enterprises has traded in a range of $12.67 to $49.06 and closed yesterday at $38.90, 207% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has slid 1.6%.

DXP Enterprises, Inc. provides maintenance, repair, and operating products, equipment, and services to industrial customers. The Company provides fluid handling equipment, power transmission equipment, general mill and safety supplies, and electrical products.

Potential upside of 10.5% exists for DXP Enterprises, based on a current level of $38.90 and analysts' average consensus price target of $43.00. DXP Enterprises shares have support at the 200-day moving average (MA) of $24.69 and additional support at the 50-day MA of $18.37.

SmarTrend recommended that subscribers consider buying shares of DXP Enterprises on March 31st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.00. Since that recommendation, shares of DXP Enterprises have risen 15.7%. We continue to monitor DXPE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle dxp enterprises

Ticker(s): DXPE