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Possible Bullish Inside Day Candle Pattern Detected for Techne (NASDAQ:TECH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Techne (NASDAQ:TECH) based on the price action in the company's shares. Yesterday's price range of $107.76 and $110.02 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 Techne 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, Techne share prices have been bracketed by a low of $79.95 and a high of $114.61 and closed yesterday at $109.13, 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

Techne Corporation, through Research and Diagnostic Systems, Inc., manufactures biological products. The Company also, through R&D Systems Europe, Ltd., distributes biotechnology products.

Techne (NASDAQ:TECH) defies analysts with a current price ($109.13) 9.3% above its average consensus price target of $99.00. The stock should discover initial support at its 50-day moving average (MA) of $93.27 and subsequent support at its 200-day MA of $92.89.

SmarTrend recommended that subscribers consider buying shares of Techne on February 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $87.91. Since that recommendation, shares of Techne have risen 22.5%. We continue to monitor TECH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle techne

Ticker(s): TECH