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Possible Bullish Inside Day Candle Pattern Detected for Ipg Photonics (NASDAQ:IPGP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ipg Photonics (NASDAQ:IPGP) based on the price action in the company's shares. Yesterday's price range of $159.69 and $161.71 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 Ipg Photonics 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, Ipg Photonics has traded in a range of $76.22 to $168.93 and closed yesterday at $160.74, 111% above that low. The 200-day and 50-day moving averages have moved 0.08% higher and 0.28% higher over the past week, respectively.

Ipg Photonics (NASDAQ:IPGP) is currently priced 2.1% above its average consensus analyst price target of $157.33. The stock should discover initial support at its 50-day moving average (MA) of $92.29 and subsequent support at its 200-day MA of $86.39.

IPG Photonics Corporation produces high-power fiber lasers and amplifiers. The Company develops and commercializes optical fiber-based lasers used in a wide range of applications such as materials processing, telecommunications, and medical applications.

SmarTrend recommended that subscribers consider buying shares of Ipg Photonics on October 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $85.54. Since that recommendation, shares of Ipg Photonics have risen 87.9%. We continue to monitor IPGP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle ipg photonics

Ticker(s): IPGP