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Possible Bullish Inside Day Candle Pattern Detected for H&E Equipment Services (NASDAQ:HEES)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in H&E Equipment Services (NASDAQ:HEES) based on the price action in the company's shares. Yesterday's price range of $17.63 and $18.24 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 H&E Equipment Services may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 38.1% for shares of H&E Equipment Services based on a current price of $17.83 and an average consensus analyst price target of $24.62. The stock should discover initial support at its 50-day moving average (MA) of $17.14 and subsequent support at its 200-day MA of $16.98.

H&E Equipment Services share prices have moved between a 52-week high of $28.22 and a 52-week low of $10.12 and closed yesterday at 76% above that low price at $17.83 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.4% while the 200-day MA has risen 0.3%.

H&E Equipment Services, Inc. is an integrated equipment services company focused on heavy construction and industrial equipment. The Company rents, sells, and provides parts and service support for hi-lift or aerial platform equipment, cranes, earthmoving equipment, and industrial lift trucks.

SmarTrend recommended that subscribers consider buying shares of H&E Equipment Services on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.49. Since that recommendation, shares of H&E Equipment Services have risen 29.6%. We continue to monitor HEES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle h&e equipment services

Ticker(s): HEES