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

By Shiri Gupta

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 $30.82 and $31.54 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.

Fed Signal Corp (NYSE:FSS) defies analysts with a current price ($30.98) 18.5% above its average consensus price target of $25.25. The stock should find initial support at its 50-day moving average (MA) of $28.75 and further support at its 200-day MA of $25.16.

Over the past year, Fed Signal Corp has traded in a range of $18.59 to $32.80 and closed yesterday at $30.98, 67% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.2%.

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.

SmarTrend recommended that subscribers consider buying shares of Fed Signal Corp on June 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.00. Since that recommendation, shares of Fed Signal Corp have risen 22.0%. 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