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Possible Bearish Inside Day Candle Pattern Detected for Imax (NASDAQ:IMAX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Imax (NASDAQ:IMAX) based on the price action in the company's shares. Today's price range of $25.95 and $26.95 is within yesterday'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 Imax may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Imax Corporation designs and manufactures projection and sound systems for giant-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues. The Company also manufactures digital image delivery systems in the form of digital projectors.

Imax (NASDAQ:IMAX) has potential upside of 42.8% based on a current price of $26.35 and analysts' consensus price target of $37.64. The stock should run into initial resistance at its 50-day moving average (MA) of $31.32 and subsequent resistance at its 200-day MA of $33.75.

Over the past year, Imax has traded in a range of $12.57 to $43.80 and is now at $26.35, 110% above that low. The 200-day and 50-day moving averages have moved 0.31% lower and 0.35% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Imax on April 12th, 2017 by issuing a Downtrend alert when the shares were trading at $31.97. Since that call, shares of Imax have fallen 15.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle

Ticker(s): IMAX