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Possible Bearish Inside Day Candle Pattern Detected for Lincoln Electric (NASDAQ:LECO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lincoln Electric (NASDAQ:LECO) based on the price action in the company's shares. Yesterday's price range of $85.67 and $85.67 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 Lincoln Electric may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lincoln Electric Holdings, Inc., through its subsidiaries, designs, manufactures, and sells welding, cutting, and brazing products worldwide. It operates through three segments: Americas Welding, International Welding, and The Harris Products Group.

Lincoln Electric share prices have moved between a 52-week high of $97.93 and a 52-week low of $72.27 and closed yesterday at 19% above that low price at $85.72 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

Lincoln Electric (NASDAQ:LECO) has potential upside of 21.6% based on a current price of $85.72 and analysts' consensus price target of $104.25. The stock should find resistance at its 200-day moving average (MA) of $87.36, as well as support at its 50-day MA of $85.54.

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

Keywords: bearish am inside day candle lincoln electric

Ticker(s): LECO