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

By Shiri Gupta

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 $24.00 and $24.20 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.

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.

Based on a current price of $24.12, Gentex Corp is currently 4.6% above its average consensus analyst price target of $23.00. The stock should discover initial support at its 50-day moving average (MA) of $15.56 and subsequent support at its 200-day MA of $15.51.

In the past 52 weeks, Gentex Corp share prices have been bracketed by a low of $14.66 and a high of $24.60 and are now at $24.12, 65% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.87% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Gentex Corp and will alert subscribers who have GNTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle gentex corp

Ticker(s): GNTX