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Possible Bearish Inside Day Candle Pattern Detected for Thermo Fisher (NYSE:TMO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Thermo Fisher (NYSE:TMO) based on the price action in the company's shares. Today's price range of $274.88 and $276.91 is within yesterday'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 Thermo Fisher 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, Thermo Fisher has traded in a range of $202.83 to $282.98 and is now at $274.88, 36% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

Thermo Fisher (NYSE:TMO) is currently priced 12.4% above its average consensus analyst price target of $240.86. Thermo Fisher shares have support at the 50-day moving average (MA) of $267.17 and additional support at the 200-day MA of $243.83.

Thermo Fisher Scientific Inc. provides analytical instruments, equipment, reagents and consumables, software, and services for research, manufacturing, analysis, discovery, and diagnostics under the Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services brands worldwide.

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

Keywords: bearish inside day candle Thermo Fisher

Ticker(s): TMO