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Possible Bullish Inside Day Candle Pattern Detected for Elec For Imaging (NASDAQ:EFII)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Elec For Imaging (NASDAQ:EFII) based on the price action in the company's shares. Yesterday's price range of $34.02 and $34.46 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 Elec For Imaging may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 9.9% for shares of Elec For Imaging based on a current price of $34.06 and an average consensus analyst price target of $37.43. The stock should find initial support at its 200-day moving average (MA) of $32.07 and further support at its 50-day MA of $29.67.

Over the past year, Elec For Imaging has traded in a range of $25.28 to $51.15 and closed yesterday at $34.06, 35% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.2%.

Electronics for Imaging, Inc. designs and markets products that support color and black-and-white printing on a variety of peripheral devices. The Company's products incorporate hardware and software technologies that transform digital copiers and printers from copier manufacturers into networked printers. Products are sold in North America, Europe, and Japan.

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

Keywords: bullish am inside day candle elec for imaging

Ticker(s): EFII