• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Gentex Corp (NASDAQ:GNTX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gentex Corp (NASDAQ:GNTX) based on the price action in the company's shares. Yesterday's price range of $21.81 and $22.20 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 Gentex Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Gentex Corp has traded in a range of $14.66 to $25.41 and closed yesterday at $22.12, 51% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

Gentex Corporation designs, manufactures, and markets products that use electro-optic technology. The Company's product lines include automatic-dimming rearview mirrors and fire protection products. Gentex's Night Vision Safety Mirror automatically darken to the degree required to eliminate rearview headlight glare. The Company sells its products around the world.

Potential upside of 4.0% exists for Gentex Corp, based on a current level of $22.12 and analysts' average consensus price target of $23.00. Gentex Corp shares should first meet resistance at the 200-day moving average (MA) of $23.01 and find additional resistance at the 50-day MA of $23.29.

SmarTrend recommended that its subscribers protect gains by selling shares of Gentex Corp on September 4th, 2018 by issuing a Downtrend alert when the shares were trading at $23.04. Since that call, shares of Gentex Corp have fallen 5.4%. 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 gentex corp

Ticker(s): GNTX