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Possible Bullish Inside Day Candle Pattern Detected for Flir Systems (NASDAQ:FLIR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Flir Systems (NASDAQ:FLIR) based on the price action in the company's shares. Yesterday's price range of $50.50 and $50.62 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 Flir Systems may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Flir Systems have traded between a low of $40.52 and a high of $63.88 and closed yesterday at $50.53, which is 25% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

FLIR Systems, Inc. designs, manufactures, and markets thermal imaging and broadcast camera systems for a variety of applications in the commercial and government markets. The Company makes products for condition monitoring, research and development, airborne observation and broadcast, search and rescue, and surveillance and reconnaissance.

Potential upside of 13.1% exists for Flir Systems, based on a current level of $50.53 and analysts' average consensus price target of $57.14. The stock should find resistance at its 200-day moving average (MA) of $52.73, as well as support at its 50-day MA of $47.48.

SmarTrend recommended that subscribers consider buying shares of Flir Systems on January 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.03. Since that recommendation, shares of Flir Systems have risen 8.2%. We continue to monitor FLIR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle flir systems

Ticker(s): FLIR