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Possible Bullish Inside Day Candle Pattern Detected for Franklin Elec Co (NASDAQ:FELE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Franklin Elec Co (NASDAQ:FELE) based on the price action in the company's shares. Yesterday's price range of $46.04 and $47.49 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 Franklin Elec Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 0.1% exists for Franklin Elec Co, based on a current level of $47.44 and analysts' average consensus price target of $47.50. Franklin Elec Co shares should encounter resistance at the 50-day moving average (MA) of $51.61 and support at its 200-day MA of $47.20.

Franklin Electric Co., Inc. designs, manufactures, and distributes electric motors, electronic motor controls, and related equipment. The Company sells its products around the world primarily to original equipment manufacturers of pumps, petroleum equipment, compressors, fans, heating and air conditioning equipment, swimming pool equipment, medical furniture, and business machines.

Franklin Elec Co share prices have moved between a 52-week high of $55.59 and a 52-week low of $38.87 and closed yesterday at 22% above that low price at $47.44 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Franklin Elec Co on March 14th, 2019 by issuing a Downtrend alert when the shares were trading at $51.22. Since that call, shares of Franklin Elec Co have fallen 10.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle franklin elec co

Ticker(s): FELE