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

By David Diaz

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 $23.31 and $23.83 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.

Stratasys share prices have moved between a 52-week high of $39.45 and a 52-week low of $14.48 and closed yesterday at 64% above that low price at $23.74 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.

Stratasys (NASDAQ:SSYS) has potential upside of 20.6% based on a current price of $23.74 and analysts' 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 is monitoring the recent change of momentum in Stratasys. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Stratasys in search of a potential trend change.

Keywords: bullish am inside day candle stratasys

Ticker(s): SSYS