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

By James Quinn

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 $20.35 and $20.77 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.

In the past 52 weeks, shares of H&E Equipment Services have traded between a low of $10.12 and a high of $28.22 and closed yesterday at $20.52, which is 103% above that low price. 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 has overhead space with shares priced $20.52, or 13.9% below the average consensus analyst price target of $23.83. H&E Equipment Services shares have support at the 50-day moving average (MA) of $17.14 and additional support at the 200-day MA of $16.98.

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 its subscribers protect gains by selling shares of H&E Equipment Services on March 27th, 2017 by issuing a Downtrend alert when the shares were trading at $23.22. Since that call, shares of H&E Equipment Services have fallen 12.5%. 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 h&e equipment services

Ticker(s): HEES