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

By Amy Schwartz

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 $149.00 and $149.00 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 5.2% above its average consensus analyst price target of $141.50. The stock should find initial support at its 200-day moving average (MA) of $140.97 and further support at its 50-day MA of $140.97.

IDEX Corporation designs, manufactures, and markets a variety of pump products, dispensing equipment, and other engineered products. The Company's products include industrial pumps, lubrication systems, banding and clamping devices, and rescue tools. IDEX markets its products to customers in the United States and overseas.

In the past 52 weeks, Idex Corp share prices have been bracketed by a low of $117.72 and a high of $157.84 and closed yesterday at $149.19, 27% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Idex Corp on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $130.70. Since that recommendation, shares of Idex Corp have risen 14.8%. We continue to monitor IEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle idex corp

Ticker(s): IEX