Possible Bullish Inside Day Candle Pattern Detected for 3D Systems (NYSE:DDD)
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. Yesterday's price range of $11.82 and $12.44 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. 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 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.
In the past 52 weeks, shares of 3D Systems have traded between a low of $6.00 and a high of $25.22 and closed yesterday at $12.33, which is 106% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.7%.
Based on a current price of $12.33, 3D Systems is currently 6.4% above its average consensus analyst price target of $11.55. 3D Systems shares should encounter resistance at the 50-day moving average (MA) of $14.96 and support at its 200-day MA of $11.80.
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 am inside day candle 3d systems