• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Stratasys (NASDAQ:SSYS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Stratasys (NASDAQ:SSYS) based on the price action in the company's shares. Today's price range of $20.35 and $21.14 is within yesterday'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 Stratasys may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Stratasys share prices have moved between a 52-week high of $39.45 and a 52-week low of $14.48 and are now trading 43% above that low price at $20.72 per share. The 200-day and 50-day moving averages have moved 0.84% lower and 1.43% higher over the past week, respectively.

Stratasys, Inc. develops, manufactures, and markets rapid prototyping systems. The Company's systems enable engineers and designers to create physical models, tooling, and prototypes out of plastic and other materials directly from a computer aided design workstation.

Potential upside of 38.2% exists for Stratasys, based on a current level of $20.72 and analysts' average consensus price target of $28.62. The stock should find initial resistance at its 50-day moving average (MA) of $24.82 and further resistance at its 200-day MA of $25.41.

SmarTrend recommended that its subscribers protect gains by selling shares of Stratasys on May 2nd, 2016 by issuing a Downtrend alert when the shares were trading at $24.01. Since that call, shares of Stratasys have fallen 16.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle stratasys

Ticker(s): SSYS