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Possible Bullish Inside Day Candle Pattern Detected for Coherent Inc (NASDAQ:COHR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Coherent Inc (NASDAQ:COHR) based on the price action in the company's shares. Yesterday's price range of $141.71 and $145.64 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 Coherent 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.

Coherent Inc has overhead space with shares priced $142.18, or 40.2% below the average consensus analyst price target of $237.86. The stock should run into initial resistance at its 200-day moving average (MA) of $146.47 and subsequent resistance at its 50-day MA of $159.54.

Over the past year, Coherent Inc has traded in a range of $107.18 to $178.08 and closed yesterday at $142.18, 33% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Coherent, Inc. is a global company that manufactures and sells a variety of laser-based photonic products. The Company's products are used in manufacturing and instrumentation applications that include optical telecommunication, semiconductor manufacturing, inspection and test, advance packaging, and reprographics. The electro-optical market consists of Fortune 500 customers.

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

Keywords: bullish am inside day candle coherent inc

Ticker(s): COHR