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Possible Bullish Inside Day Candle Pattern Detected for Colfax (NYSE:CFX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Colfax (NYSE:CFX) based on the price action in the company's shares. Today's price range of $25.67 and $26.00 is within yesterday'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 Colfax may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Colfax has traded in a range of $18.22 to $53.17 and is now at $25.69, 41% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 1%.

Colfax Corporation manufactures a broad range of fluid handling products, including pumps, fluid handling systems and specialty valves. The Company specializes in rotary positive displacement pumps, which include screw pumps, gear pumps and progressive cavity pumps.

There is potential upside of 11.7% for shares of Colfax based on a current price of $25.69 and an average consensus analyst price target of $28.70. The stock should find initial resistance at its 50-day moving average (MA) of $29.06 and further resistance at its 200-day MA of $29.12.

SmarTrend is tracking the current trend status for Colfax and will alert subscribers who have CFX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle colfax

Ticker(s): CFX