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Possible Bullish Inside Day Candle Pattern Detected for Nanometrics (NASDAQ:NANO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nanometrics (NASDAQ:NANO) based on the price action in the company's shares. Yesterday's price range of $28.67 and $29.04 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 Nanometrics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Nanometrics have traded between a low of $11.91 and a high of $30.00 and closed yesterday at $28.90, which is 143% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has risen 0.3%.

Nanometrics Incorporated manufactures film thickness and overlay metrology systems. The Company's products are used for advanced integrated circuit, flat panel display, and magnetic head manufacturing.

Nanometrics (NASDAQ:NANO) is currently priced 2.0% above its average consensus analyst price target of $28.33. Nanometrics shares have support at the 50-day moving average (MA) of $15.15 and additional support at the 200-day MA of $14.35.

SmarTrend recommended that subscribers consider buying shares of Nanometrics on October 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.92. Since that recommendation, shares of Nanometrics have risen 30.6%. We continue to monitor NANO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle nanometrics

Ticker(s): NANO