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Possible Bullish Inside Day Candle Pattern Detected for Bio-Rad Labs-A (NYSE:BIO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Bio-Rad Labs-A (NYSE:BIO) based on the price action in the company's shares. Yesterday's price range of $323.96 and $327.91 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 Bio-Rad Labs-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 0.3% for shares of Bio-Rad Labs-A based on a current price of $326.42 and an average consensus analyst price target of $327.50. The stock should find initial support at its 50-day moving average (MA) of $322.27 and further support at its 200-day MA of $289.48.

Bio-Rad Laboratories, Inc. operates a chain of laboratories. The Company manufacturers and distributes life science research products, clinical diagnostics, and analytical instrumentation. Bio-Rad Laboratories products and systems separate complex chemical and biological materials, as well as identify, analyze, and purify their components.

Over the past year, Bio-Rad Labs-A has traded in a range of $220.05 to $345.50 and closed yesterday at $326.42, 48% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Bio-Rad Labs-A on June 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $308.93. Since that recommendation, shares of Bio-Rad Labs-A have risen 4.5%. We continue to monitor BIO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle bio-rad labs-a

Ticker(s): BIO