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

By Amy Schwartz

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 $76.58 and $77.82 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.

Potential upside of 30.4% exists for IPG Photonics, based on a current level of $77.73 and analysts' average consensus price target of $101.33. IPG Photonics shares should first meet resistance at the 200-day moving average (MA) of $86.39 and find additional resistance at the 50-day MA of $92.29.

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.

In the past 52 weeks, IPG Photonics share prices have been bracketed by a low of $60.31 and a high of $102.90 and closed yesterday at $77.73, 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

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

Keywords: bullish am inside day candle ipg photonics

Ticker(s): IPGP