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Possible Bullish Inside Day Candle Pattern Detected for HEICO (NYSE:HEI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in HEICO (NYSE:HEI) based on the price action in the company's shares. Yesterday's price range of $67.19 and $67.80 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 HEICO may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

Based on a current price of $67.39, HEICO is currently 9.9% above its average consensus analyst price target of $60.75. HEICO shares have support at the 50-day moving average (MA) of $59.60 and additional support at the 200-day MA of $53.92.

In the past 52 weeks, shares of HEICO have traded between a low of $47.24 and a high of $75.01 and closed yesterday at $67.39, which is 43% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of HEICO on August 26th, 2016 by issuing a Downtrend alert when the shares were trading at $69.80. Since that call, shares of HEICO have fallen 3.9%. 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 heico

Ticker(s): HEI