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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in IDEX (NYSE:IEX) based on the price action in the company's shares. Yesterday's price range of $81.33 and $82.07 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

IDEX share prices have moved between a 52-week high of $86.54 and a 52-week low of $65.45 and closed yesterday at 25% above that low price at $81.50 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

IDEX (NYSE:IEX) is currently priced 0.3% above its average consensus analyst price target of $81.25. The stock should find initial support at its 50-day moving average (MA) of $80.97 and further support at its 200-day MA of $75.84.

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.

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

Keywords: bearish am inside day candle idex

Ticker(s): IEX