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Possible Bearish Inside Day Candle Pattern Detected for Elec For Imaging (NASDAQ:EFII)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Elec For Imaging (NASDAQ:EFII) based on the price action in the company's shares. Today's price range of $37.42 and $37.42 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 Elec For Imaging 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 0.0% for shares of Elec For Imaging based on a current price of $37.42 and an average consensus analyst price target of $37.43. The stock should discover initial support at its 200-day moving average (MA) of $29.74 and subsequent support at its 50-day MA of $27.49.

Electronics for Imaging, Inc. designs and markets products that support color and black-and-white printing on a variety of peripheral devices. The Company's products incorporate hardware and software technologies that transform digital copiers and printers from copier manufacturers into networked printers. Products are sold in North America, Europe, and Japan.

Elec For Imaging share prices have moved between a 52-week high of $38.33 and a 52-week low of $19.76 and are now trading 89% above that low price at $37.42 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

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

Keywords: bearish inside day candle elec for imaging

Ticker(s): EFII