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Possible Bearish Inside Day Candle Pattern Detected for Empresa Brasileira de Aeronautica (NYSE:ERJ)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Empresa Brasileira de Aeronautica (NYSE:ERJ) based on the price action in the company's shares. Today's price range of $19.89 and $20.05 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 Empresa Brasileira de Aeronautica 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 71.3% for shares of Empresa Brasileira de Aeronautica based on a current price of $19.98 and an average consensus analyst price target of $34.22. Empresa Brasileira de Aeronautica shares should first meet resistance at the 50-day moving average (MA) of $25.27 and find additional resistance at the 200-day MA of $27.37.

Empresa Brasileira de Aeronautica S.A. (Embraer) manufactures and markets commercial, corporate, and defense aircraft. The Company also provides maintenance and repair services and markets spare parts for its jets. Embraer markets its aircraft to commercial airlines mainly in the United States and Europe and to governments in Europe and Latin America.

Over the past year, Empresa Brasileira de Aeronautica has traded in a range of $17.06 to $32.79 and is now at $19.98, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.2% while the 200-day MA has slid 0.6%.

SmarTrend is tracking the current trend status for Empresa Brasileira de Aeronautica and will alert subscribers who have ERJ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle empresa brasileira de aeronautica

Ticker(s): ERJ