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Possible Bearish Inside Day Candle Pattern Detected for Proto Labs Inc (NYSE:PRLB)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Proto Labs Inc (NYSE:PRLB) based on the price action in the company's shares. Yesterday's price range of $117.09 and $118.22 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 Proto Labs Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Proto Labs, Inc. is low volume manufacturer of custom parts for prototyping and short-run production. The Company utilizes computer numerical control, machining and injection molding to manufacture custom parts for their customers. Proto Labs targets their services to product developers who use three-dimensional computer-aided design to develop products across a diverse range of end-markets.

Based on a current price of $118.53, Proto Labs Inc is currently 4.2% above its average consensus analyst price target of $113.50. The stock should hit resistance at its 200-day moving average (MA) of $128.29, as well as support at its 50-day MA of $118.17.

In the past 52 weeks, shares of Proto Labs Inc have traded between a low of $100.05 and a high of $166.60 and closed yesterday at $118.53, which is 18% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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

Keywords: bearish am inside day candle proto labs inc

Ticker(s): PRLB