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Possible Bearish Inside Day Candle Pattern Detected for Itron Inc (NASDAQ:ITRI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Itron Inc (NASDAQ:ITRI) based on the price action in the company's shares. Yesterday's price range of $62.95 and $64.40 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 Itron Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Itron Inc have traded between a low of $40.12 and a high of $79.95 and closed yesterday at $63.50, which is 58% above that low price. The 200-day and 50-day moving averages have moved 0.36% lower and 0.42% higher over the past week, respectively.

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data. The Company sells its products to the utility industry. Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

Itron Inc (NASDAQ:ITRI) has potential upside of 32.9% based on a current price of $63.50 and analysts' consensus price target of $84.38. Itron Inc shares should encounter resistance at the 200-day moving average (MA) of $66.94 and support at the 50-day MA of $59.93.

SmarTrend recommended that subscribers consider buying shares of Itron Inc on July 5th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $61.26. Since that recommendation, shares of Itron Inc have risen 5.3%. We continue to monitor ITRI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle itron inc

Ticker(s): ITRI