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Possible Bearish Inside Day Candle Pattern Detected for H&E Equipment Services (NASDAQ:HEES)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in H&E Equipment Services (NASDAQ:HEES) based on the price action in the company's shares. Yesterday's price range of $25.88 and $26.93 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 H&E Equipment Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, H&E Equipment Services has traded in a range of $10.12 to $28.22 and closed yesterday at $26.24, 159% above that low. The 200-day and 50-day moving averages have moved 0.34% higher and 3.44% higher over the past week, respectively.

H&E Equipment Services, Inc. is an integrated equipment services company focused on heavy construction and industrial equipment. The Company rents, sells, and provides parts and service support for hi-lift or aerial platform equipment, cranes, earthmoving equipment, and industrial lift trucks.

H&E Equipment Services (NASDAQ:HEES) is currently priced 6.2% above its average consensus analyst price target of $24.62. The stock should discover initial support at its 50-day moving average (MA) of $17.14 and subsequent support at its 200-day MA of $16.98.

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

Keywords: bearish am inside day candle h&e equipment services

Ticker(s): HEES