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Possible Bullish Inside Day Candle Pattern Detected for 3D Systems (NYSE:DDD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in 3D Systems (NYSE:DDD) based on the price action in the company's shares. Today's price range of $12.09 and $12.36 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. Traders and investors interested in shares of 3D Systems may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

3D Systems share prices have moved between a 52-week high of $25.22 and a 52-week low of $6.00 and are now trading 105% above that low price at $12.31 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.7%.

3D Systems (NYSE:DDD) is currently priced 6.2% above its average consensus analyst price target of $11.55. The stock should hit resistance at its 50-day moving average (MA) of $14.96, as well as support at its 200-day MA of $11.80.

3D Systems Corporation develops, manufactures, and markets solid imaging systems designed to rapidly produce three-dimensional objects from computer-aided design and manufacturing-generated solid or surface data. The Company utilizes its systems to produce models, engineering prototypes, mold patterns, and other parts using CAD/CAM or other data supplied by its customers.

SmarTrend recommended that its subscribers protect gains by selling shares of 3D Systems on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $14.81. Since that call, shares of 3D Systems have fallen 21.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle 3d systems

Ticker(s): DDD