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

By Shiri Gupta

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. Yesterday's price range of $20.14 and $21.14 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 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.

Over the past year, Stratasys has traded in a range of $14.48 to $39.45 and closed yesterday at $20.91, 44% above that low. The 200-day and 50-day moving averages have moved 0.84% lower and 1.43% higher over the past week, respectively.

Stratasys has overhead space with shares priced $20.91, or 27.0% below the average consensus analyst price target of $28.62. The stock should run into initial resistance at its 50-day moving average (MA) of $24.82 and subsequent resistance at its 200-day MA of $25.41.

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.

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 am inside day candle stratasys

Ticker(s): SSYS