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Possible Bullish Inside Day Candle Pattern Detected for Benchmark Electronics (NYSE:BHE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Benchmark Electronics (NYSE:BHE) based on the price action in the company's shares. Yesterday's price range of $20.30 and $20.56 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 Benchmark Electronics 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 Benchmark Electronics have traded between a low of $18.36 and a high of $24.47 and closed yesterday at $20.43, which is 11% above that low price. The 200-day and 50-day moving averages have moved 0.13% lower and 0.85% lower over the past week, respectively.

Benchmark Electronics has overhead space with shares priced $20.43, or 11.9% below the average consensus analyst price target of $23.20. The stock should find initial resistance at its 200-day moving average (MA) of $21.23 and further resistance at its 50-day MA of $21.66.

Benchmark Electronics, Inc. provides contract electronics manufacturing and design services. The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment. Benchmark also offers product design, printed circuit board layout, prototyping and test development services.

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

Keywords: bullish am inside day candle benchmark electronics

Ticker(s): BHE