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Possible Bearish Inside Day Candle Pattern Detected for Mks Instruments (NASDAQ:MKSI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mks Instruments (NASDAQ:MKSI) based on the price action in the company's shares. Yesterday's price range of $85.28 and $86.06 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 Mks Instruments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Mks Instruments has traded in a range of $56.37 to $128.28 and closed yesterday at $85.24, 51% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.1%.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

There is potential upside of 61.9% for shares of Mks Instruments based on a current price of $85.24 and an average consensus analyst price target of $138.00. Mks Instruments shares should encounter resistance at the 200-day moving average (MA) of $86.15 and support at the 50-day MA of $73.24.

SmarTrend recommended that subscribers consider buying shares of Mks Instruments on December 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.33. Since that recommendation, shares of Mks Instruments have risen 34.7%. We continue to monitor MKSI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mks instruments

Ticker(s): MKSI