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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 $166.63 and $170.13 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.

In the past 52 weeks, Coherent Inc share prices have been bracketed by a low of $157.47 and a high of $329.00 and closed yesterday at $168.59, 7% above that low price. The 200-day and 50-day moving averages have moved 0.39% lower and 1.47% lower over the past week, respectively.

Coherent Inc (NASDAQ:COHR) has potential upside of 41.1% based on a current price of $168.59 and analysts' consensus price target of $237.86. The stock should find initial resistance at its 50-day moving average (MA) of $183.10 and further resistance at its 200-day MA of $239.25.

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 recommended that its subscribers protect gains by selling shares of Coherent Inc on March 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $198.07. Since that call, shares of Coherent Inc have fallen 16.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle coherent inc

Ticker(s): COHR