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Possible Bearish Inside Day Candle Pattern Detected for Nic Inc (NASDAQ:EGOV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nic Inc (NASDAQ:EGOV) based on the price action in the company's shares. Yesterday's price range of $17.14 and $17.14 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 Nic Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $17.21, Nic Inc is currently 8.0% above its average consensus analyst price target of $15.83. The stock should find initial support at its 50-day moving average (MA) of $15.86 and further support at its 200-day MA of $15.13.

Over the past year, Nic Inc has traded in a range of $11.76 to $17.70 and closed yesterday at $17.21, 46% above that low. The 200-day and 50-day moving averages have moved 0.17% higher and 1.79% higher over the past week, respectively.

NIC, Inc. provides eGovernment services that helps governments use the Internet to provide various services to businesses and citizens in the United States. The Company enters into long-term contracts with state and local governments to design, build, and operate internet-based, enterprise-wide portals on their behalf.

SmarTrend recommended that subscribers consider buying shares of Nic Inc on January 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.44. Since that recommendation, shares of Nic Inc have risen 28.6%. We continue to monitor EGOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle nic inc

Ticker(s): EGOV