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Possible Bearish Inside Day Candle Pattern Detected for Ii-Vi Inc (NASDAQ:IIVI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ii-Vi Inc (NASDAQ:IIVI) based on the price action in the company's shares. Yesterday's price range of $36.03 and $36.77 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 Ii-Vi Inc 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, Ii-Vi Inc has traded in a range of $29.31 to $53.08 and closed yesterday at $36.34, 24% above that low. The 200-day and 50-day moving averages have moved 0.10% higher and 0.49% lower over the past week, respectively.

Potential upside of 36.6% exists for Ii-Vi Inc, based on a current level of $36.34 and analysts' average consensus price target of $49.62. The stock should hit resistance at its 200-day moving average (MA) of $36.99, as well as support at its 50-day MA of $35.92.

II-VI Incorporated designs, manufactures, and markets optical and optoelectronic devices used in laser processing, fiber-optic telecommunication, infrared missile guidance, advanced x-ray systems, and nuclear radiation detection. The Company manufactures its products in the United States, Singapore, China, Mexico, and Belgium.

SmarTrend is tracking the current trend status for Ii-Vi Inc and will alert subscribers who have IIVI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ii-vi inc

Ticker(s): IIVI