• Return to Headlines

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

By James Quinn

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 $29.20 and $29.98 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 share prices have moved between a 52-week high of $43.80 and a 52-week low of $12.57 and are now trading 133% above that low price at $29.35 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 0.3%.

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.

Potential upside of 44.6% exists for Imax, based on a current level of $29.35 and analysts' average consensus price target of $42.44. 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.

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

Keywords: bearish inside day candle

Ticker(s): IMAX