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Possible Bullish Inside Day Candle Pattern Detected for Ii-Vi Inc (NASDAQ:IIVI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ii-Vi Inc (NASDAQ:IIVI) based on the price action in the company's shares. Yesterday's price range of $39.70 and $41.50 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 Ii-Vi Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

II-VI Incorporated designs, manufactures, and markets optical and optoelectronic devices used in laser processing, fiber-optic telecommunication, infrared missile guidance, advanced x-ray systems, and nuclear radiation detection. The Company manufactures its products in the United States, Singapore, China, Mexico, and Belgium.

Over the past year, Ii-Vi Inc has traded in a range of $17.76 to $53.08 and closed yesterday at $40.90, 130% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.3%.

There is potential upside of 25.2% for shares of Ii-Vi Inc based on a current price of $40.90 and an average consensus analyst price target of $51.21. The stock should discover initial support at its 50-day moving average (MA) of $21.34 and subsequent support at its 200-day MA of $18.75.

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

Keywords: bullish am inside day candle ii-vi inc

Ticker(s): IIVI