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Possible Bullish Inside Day Candle Pattern Detected for Adv Energy Inds (NASDAQ:AEIS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Adv Energy Inds (NASDAQ:AEIS) based on the price action in the company's shares. Yesterday's price range of $63.71 and $65.25 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 Adv Energy Inds may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Adv Energy Inds have traded between a low of $57.35 and a high of $95.00 and closed yesterday at $64.27, which is 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has remained constant.

Potential upside of 22.3% exists for Adv Energy Inds, based on a current level of $64.27 and analysts' average consensus price target of $78.60. The stock should find initial resistance at its 50-day moving average (MA) of $64.59 and further resistance at its 200-day MA of $72.49.

Advanced Energy Industries, Inc. provides engineered precision power conversion, measurement, and control solutions. The Company designs, manufactures, sells and supports power conversion products and solutions that transform power into various usable forms in a variety of applications ranging from manufacturing and industrial processes to instrumentation and measurement.

SmarTrend is tracking the current trend status for Adv Energy Inds and will alert subscribers who have AEIS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle adv energy inds

Ticker(s): AEIS