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Possible Bullish Inside Day Candle Pattern Detected for Badger Meter Inc (NYSE:BMI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Badger Meter Inc (NYSE:BMI) based on the price action in the company's shares. Yesterday's price range of $51.77 and $54.68 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 Badger Meter Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Badger Meter, Inc. manufactures and markets flow measurement and control products. The Company's products are used to measure and control the flow of liquids and gases in a variety of applications. Badger's products include water meters and associated systems, wastewater meters, industrial process meters, automotive fluid meters, small valves, and natural gas instruments.

Badger Meter Inc (NYSE:BMI) is currently priced 22.0% above its average consensus analyst price target of $41.33. The stock should run into initial resistance at its 200-day moving average (MA) of $54.27 and subsequent resistance at its 50-day MA of $55.63.

Badger Meter Inc share prices have moved between a 52-week high of $61.57 and a 52-week low of $45.25 and closed yesterday at 17% above that low price at $52.96 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Badger Meter Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Badger Meter Inc in search of a potential trend change.

Keywords: bullish am inside day candle badger meter inc

Ticker(s): BMI