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Possible Bullish Inside Day Candle Pattern Detected for Lincoln Electric Holdings (NASDAQ:LECO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lincoln Electric Holdings (NASDAQ:LECO) based on the price action in the company's shares. Yesterday's price range of $89.17 and $90.08 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 Lincoln Electric Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Lincoln Electric Holdings, Inc. designs and manufactures welding and cutting products. The Company's products include arc welding power sources, wire feeding systems, robotic welding packages, fume extraction equipment, consumable electrodes, fluxes, and regulators and torches used in oxy-fuel welding and cutting.

Lincoln Electric Holdings share prices have moved between a 52-week high of $91.29 and a 52-week low of $45.54 and closed yesterday at 96% above that low price at $89.26 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Based on a current price of $89.26, Lincoln Electric Holdings is currently 6.2% above its average consensus analyst price target of $83.71. The stock should find initial support at its 50-day moving average (MA) of $59.05 and further support at its 200-day MA of $56.54.

SmarTrend is tracking the current trend status for Lincoln Electric Holdings and will alert subscribers who have LECO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle lincoln electric holdings

Ticker(s): LECO