Possible Bullish Inside Day Candle Pattern Detected for Colfax (NYSE:CFX)
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. Yesterday's price range of $25.46 and $26.00 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 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.
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 11.3% for shares of Colfax based on a current price of $25.78 and an average consensus analyst price target of $28.70. Colfax shares should first meet resistance at the 50-day moving average (MA) of $29.06 and find additional resistance at the 200-day MA of $29.12.
In the past 52 weeks, shares of Colfax have traded between a low of $18.22 and a high of $53.17 and closed yesterday at $25.78, which is 41% above that low price. The 200-day and 50-day moving averages have moved 0.99% lower and 0.69% higher over the past week, respectively.
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 am inside day candle colfax