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Possible Bearish Inside Day Candle Pattern Detected for Fed Signal Corp (NYSE:FSS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fed Signal Corp (NYSE:FSS) based on the price action in the company's shares. Yesterday's price range of $25.56 and $25.56 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 Fed Signal Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Federal Signal Corporation manufactures and supplies safety, signaling, and communications equipment. The Company's equipment includes fire rescue products, street sweeping and vacuum loader vehicles, parking control equipment, custom on-premise signage, carbide cutting tools, precision punches and dies, and plastic injection mold components.

In the past 52 weeks, Fed Signal Corp share prices have been bracketed by a low of $18.59 and a high of $28.32 and closed yesterday at $25.59, 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

Based on a current price of $25.59, Fed Signal Corp is currently 1.3% above its average consensus analyst price target of $25.25. The stock should find initial support at its 200-day moving average (MA) of $23.61 and further support at its 50-day MA of $22.65.

SmarTrend recommended that subscribers consider buying shares of Fed Signal Corp on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.03. Since that recommendation, shares of Fed Signal Corp have risen 16.7%. We continue to monitor FSS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle fed signal corp

Ticker(s): FSS