Possible Bullish Inside Day Candle Pattern Detected for Danaher (NYSE:DHR)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Danaher (NYSE:DHR) based on the price action in the company's shares. Today's price range of $76.55 and $77.53 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 Danaher may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Danaher has overhead space with shares priced $77.33, or 23.1% below the average consensus analyst price target of $100.50. Danaher shares should first meet resistance at the 200-day moving average (MA) of $90.75 and find additional resistance at the 50-day MA of $93.54.
Danaher Corporation designs, manufactures, and markets professional instrumentation, medical technologies, industrial technologies, and tools and components.
In the past 52 weeks, shares of Danaher have traded between a low of $75.93 and a high of $102.79 and are now at $77.33, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.
SmarTrend recommended that its subscribers protect gains by selling shares of Danaher on July 5th, 2016 by issuing a Downtrend alert when the shares were trading at $78.87. Since that call, shares of Danaher have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bullish inside day candle danaher