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Possible Bullish Inside Day Candle Pattern Detected for II-VI Inc (NASDAQ:IIVI)

By Nick Russo

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 $18.04 and $18.38 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.

There is potential upside of 18.6% for shares of II-VI Inc based on a current price of $18.13 and an average consensus analyst price target of $21.50. The stock should find initial resistance at its 200-day moving average (MA) of $18.75 and further resistance at its 50-day MA of $21.34.

Over the past year, II-VI Inc has traded in a range of $10.78 to $29.49 and closed yesterday at $18.13, 68% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of II-VI Inc on May 12th, 2016 by issuing a Downtrend alert when the shares were trading at $19.93. Since that call, shares of II-VI Inc have fallen 9.6%. 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 ii-vi inc

Ticker(s): IIVI