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Possible Bearish Inside Day Candle Pattern Detected for Enersys (NYSE:ENS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Enersys (NYSE:ENS) based on the price action in the company's shares. Yesterday's price range of $71.74 and $73.46 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 Enersys 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, shares of Enersys have traded between a low of $55.73 and a high of $84.74 and closed yesterday at $72.21, which is 30% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.4%.

Enersys has overhead space with shares priced $72.21, or 12.6% below the average consensus analyst price target of $82.67. The stock should find initial support at its 200-day moving average (MA) of $55.84 and further support at its 50-day MA of $55.56.

EnerSys manufactures, markets, and distributes industrial batteries. The Company also manufactures, markets, and distributes related products such as chargers, power equipment, and battery accessories. EnerSys provides related after-market and customer-support services for lead-acid industrial batteries.

SmarTrend is monitoring the recent change of momentum in Enersys. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Enersys in search of a potential trend change.

Keywords: bearish am inside day candle enersys

Ticker(s): ENS