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Possible Bullish Inside Day Candle Pattern Detected for Endologix (NASDAQ:ELGX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Endologix (NASDAQ:ELGX) based on the price action in the company's shares. Today's price range of $4.64 and $4.72 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 Endologix may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Endologix share prices have moved between a 52-week high of $18.07 and a 52-week low of $4.21 and are now trading 12% above that low price at $4.71 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.2% while the 200-day MA has slid 0.6%.

Endologix, Inc. develops, manufactures, sells, and markets minimally invasive treatments for vascular diseases. The Company's products include the Powerlink System, a catheter-based endoluminal stent graft that treats abdominal aortic aneurysms. Endologix's products are sold in the United States as well as international markets.

Potential upside of 73.6% exists for Endologix, based on a current level of $4.71 and analysts' average consensus price target of $8.18. The stock should run into initial resistance at its 50-day moving average (MA) of $9.44 and subsequent resistance at its 200-day MA of $10.53.

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

Keywords: bullish inside day candle endologix

Ticker(s): ELGX