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

By Nick Russo

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. Yesterday's price range of $28.14 and $28.48 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 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, Gentex Corp share prices have been bracketed by a low of $19.24 and a high of $28.57 and closed yesterday at $28.29, 47% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

Gentex Corp (NASDAQ:GNTX) defies analysts with a current price ($28.29) 18.7% above its average consensus price target of $23.00. The stock should discover initial support at its 50-day moving average (MA) of $27.10 and subsequent support at its 200-day MA of $23.81.

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 am inside day candle gentex corp

Ticker(s): GNTX