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Possible Bearish Inside Day Candle Pattern Detected for Luminex Corp (NASDAQ:LMNX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Luminex Corp (NASDAQ:LMNX) based on the price action in the company's shares. Yesterday's price range of $30.51 and $30.83 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 Luminex Corp 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 Luminex Corp have traded between a low of $18.62 and a high of $30.95 and closed yesterday at $30.62, which is 64% above that low price. The 200-day and 50-day moving averages have moved 1.05% higher and 2.90% higher over the past week, respectively.

Luminex Corporation develops, manufactures and markets biological testing technologies with applications throughout the clinical diagnostic and life science industries. The Company's open-architecture technologies enable large numbers of biological tests (bioassays) to be conducted and analyzed quickly and accurately.

Luminex Corp (NASDAQ:LMNX) is currently priced 26.8% above its average consensus analyst price target of $22.40. The stock should discover initial support at its 50-day moving average (MA) of $25.92 and subsequent support at its 200-day MA of $21.89.

SmarTrend recommended that subscribers consider buying shares of Luminex Corp on May 8th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.39. Since that recommendation, shares of Luminex Corp have risen 32.0%. We continue to monitor LMNX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle luminex corp

Ticker(s): LMNX