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Possible Bullish Inside Day Candle Pattern Detected for Hollysys Automation Technologies (NASDAQ:HOLI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hollysys Automation Technologies (NASDAQ:HOLI) based on the price action in the company's shares. Yesterday's price range of $20.86 and $21.19 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 Hollysys Automation Technologies 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, Hollysys Automation Technologies has traded in a range of $15.00 to $27.06 and closed yesterday at $21.07, 40% above that low. The 200-day and 50-day moving averages have moved 0.44% lower and 0.04% higher over the past week, respectively.

There is potential upside of 23.0% for shares of Hollysys Automation Technologies based on a current price of $21.07 and an average consensus analyst price target of $25.91. Hollysys Automation Technologies shares have support at the 50-day moving average (MA) of $20.00 and additional support at the 200-day MA of $19.48.

Hollysys Automation Technologies Ltd. manufactures automation and control systems. The Company produces process, industrial, rail and subway, and nuclear power plant automation equipment.

SmarTrend recommended that subscribers consider buying shares of Hollysys Automation Technologies on July 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.74. Since that recommendation, shares of Hollysys Automation Technologies have risen 5.2%. We continue to monitor HOLI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle hollysys automation technologies

Ticker(s): HOLI