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Possible Bearish Inside Day Candle Pattern Detected for Idex Corp (NYSE:IEX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Idex Corp (NYSE:IEX) based on the price action in the company's shares. Yesterday's price range of $170.59 and $171.30 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 Idex Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Idex Corp (NYSE:IEX) is currently priced 19.0% above its average consensus analyst price target of $141.50. The stock should discover initial support at its 50-day moving average (MA) of $169.29 and subsequent support at its 200-day MA of $163.54.

In the past 52 weeks, shares of Idex Corp have traded between a low of $136.24 and a high of $176.70 and closed yesterday at $174.71, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

IDEX Corporation designs, manufactures, and markets pump and dispensing equipment and other engineered products. The Company offers products including industrial pumps, lubrication systems, banding and clamping devices, and rescue tools. IDEX serves customers worldwide.

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

Keywords: bearish am inside day candle idex corp

Ticker(s): IEX