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Possible Bearish Inside Day Candle Pattern Detected for Methode Elec (NYSE:MEI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Methode Elec (NYSE:MEI) based on the price action in the company's shares. Yesterday's price range of $36.32 and $37.01 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 Methode Elec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Methode Electronics, Inc. designs, manufactures, and markets component and subsystem devices worldwide. It operates through Automotive, Industrial, Interface, and Medical segments.

There is potential upside of 28.5% for shares of Methode Elec based on a current price of $36.32 and an average consensus analyst price target of $46.67. The stock should discover initial support at its 50-day moving average (MA) of $33.51 and subsequent support at its 200-day MA of $29.39.

Over the past year, Methode Elec has traded in a range of $20.99 to $37.42 and closed yesterday at $36.32, 73% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.6%.

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

Keywords: bearish am inside day candle methode elec

Ticker(s): MEI