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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. Yesterday's price range of $37.42 and $37.84 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 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.

Elec For Imaging (NASDAQ:EFII) is currently priced 0.6% above its average consensus analyst price target of $37.43. The stock should find initial support at its 200-day moving average (MA) of $29.76 and further support at its 50-day MA of $27.72.

In the past 52 weeks, Elec For Imaging share prices have been bracketed by a low of $19.76 and a high of $38.33 and closed yesterday at $37.65, 91% above that low price. The 200-day and 50-day moving averages have moved 0.10% higher and 1.92% higher over the past week, respectively.

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.

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 am inside day candle elec for imaging

Ticker(s): EFII