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Possible Bearish Inside Day Candle Pattern Detected for Veeco Instrument (NASDAQ:VECO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Veeco Instrument (NASDAQ:VECO) based on the price action in the company's shares. Yesterday's price range of $15.90 and $16.76 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 Veeco Instrument may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Veeco Instrument share prices have been bracketed by a low of $6.27 and a high of $17.21 and closed yesterday at $16.55, 164% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 2.9%.

Veeco Instrument has overhead space with shares priced $16.55, or 22.7% below the average consensus analyst price target of $21.40. Veeco Instrument shares have support at the 50-day moving average (MA) of $11.67 and additional support at the 200-day MA of $11.60.

Veeco Instruments Inc. manufactures enabling solutions for customers in the HB-LED, solar, data storage, semiconductor, scientific research, and industrial markets. The Company has technology positions in three businesses, LED and solar process equipment, data storage process equipment, and metrology instruments.

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

Keywords: bearish am inside day candle veeco instrument

Ticker(s): VECO