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

By David Diaz

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 $61.83 and $62.64 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.

In the past 52 weeks, shares of Lincoln Electric Holdings have traded between a low of $45.54 and a high of $71.15 and closed yesterday at $62.39, which is 37% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Lincoln Electric Holdings (NASDAQ:LECO) is currently priced 2.0% above its average consensus analyst price target of $61.14. The stock should discover initial support at its 50-day moving average (MA) of $59.05 and subsequent support at its 200-day MA of $56.54.

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

Keywords: bullish am inside day candle lincoln electric holdings

Ticker(s): LECO