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Possible Bearish Inside Day Candle Pattern Detected for Gentex Corp (NASDAQ:GNTX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gentex Corp (NASDAQ:GNTX) based on the price action in the company's shares. Today's price range of $22.66 and $22.96 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 Gentex Corp 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 Gentex Corp have traded between a low of $14.66 and a high of $24.60 and are now at $22.74, which is 55% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

Based on a current price of $22.74, Gentex Corp is currently 2.3% above its average consensus analyst price target of $22.22. Gentex Corp shares have support at the 50-day moving average (MA) of $15.56 and additional support at the 200-day MA of $15.51.

Gentex Corporation designs, manufactures, and markets products that use electro-optic technology. The Company's product lines include automatic-dimming rearview mirrors and fire protection products. Gentex's Night Vision Safety Mirror automatically darken to the degree required to eliminate rearview headlight glare. The Company sells its products around the world.

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

Keywords: bearish inside day candle gentex corp

Ticker(s): GNTX