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Possible Bearish Inside Day Candle Pattern Detected for Ellie Mae Inc (NYSE:ELLI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ellie Mae Inc (NYSE:ELLI) based on the price action in the company's shares. Yesterday's price range of $103.40 and $105.47 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 Ellie Mae Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Ellie Mae Inc share prices have been bracketed by a low of $79.71 and a high of $116.90 and closed yesterday at $104.47, 31% above that low price. The 200-day and 50-day moving averages have moved 0.35% higher and 0.15% higher over the past week, respectively.

Ellie Mae, Inc. provides electronic mortgage origination in the United States. The Company provides network and technology solutions which help streamline and automate the mortgage origination process. Ellie Mae's network connects mortgage professionals to mortgage lenders, investors, and service providers.

Based on a current price of $104.47, Ellie Mae Inc is currently 5.1% above its average consensus analyst price target of $99.09. Ellie Mae Inc shares should encounter resistance at the 50-day moving average (MA) of $106.65 and support at its 200-day MA of $94.91.

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

Keywords: bearish am inside day candle ellie mae inc

Ticker(s): ELLI