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Possible Bullish Inside Day Candle Pattern Detected for Align Technology (NASDAQ:ALGN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Align Technology (NASDAQ:ALGN) based on the price action in the company's shares. Today's price range of $143.46 and $146.03 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 Align Technology 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, Align Technology share prices have been bracketed by a low of $52.01 and a high of $153.93 and are now at $143.91, 177% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.3%.

Based on a current price of $143.91, Align Technology is currently 25.1% above its average consensus analyst price target of $107.73. The stock should discover initial support at its 50-day moving average (MA) of $71.76 and subsequent support at its 200-day MA of $64.31.

Align Technology, Inc. designs, manufactures, and markets the Invisalign System, a method for treating the misalignment of teeth. The Company's system corrects the misalignment using a series of clear, removable appliances that move teeth to a desired final position.

SmarTrend recommended that subscribers consider buying shares of Align Technology on February 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $98.71. Since that recommendation, shares of Align Technology have risen 45.3%. We continue to monitor ALGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle align technology

Ticker(s): ALGN