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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gentex (NASDAQ:GNTX) based on the price action in the company's shares. Today's price range of $14.78 and $15.00 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 Gentex may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Gentex share prices have moved between a 52-week high of $18.80 and a 52-week low of $12.93 and are now trading 15% above that low price at $14.91 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% 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 darkens to the degree required to eliminate rearview headlight glare. The Company sells its products around the world.

Gentex has overhead space with shares priced $14.91, or 22.1% below the average consensus analyst price target of $19.14. The stock should run into initial resistance at its 200-day moving average (MA) of $15.51 and subsequent resistance at its 50-day MA of $15.56.

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

Keywords: bullish inside day candle gentex

Ticker(s): GNTX