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Possible Bullish Inside Day Candle Pattern Detected for Terex (NYSE:TEX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Terex (NYSE:TEX) based on the price action in the company's shares. Today's price range of $19.41 and $19.70 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 Terex may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Terex Corporation is a diversified global manufacturer. The Company's products include heavy-duty off-road trucks and high-capacity surface mining trucks, as well as large hydraulic mining shovels. Terex also manufactures and sells telescopic mobile cranes, aerial work platforms, utility aerial devices, telescopic material handlers and truck mounted cranes, and related products.

In the past 52 weeks, shares of Terex have traded between a low of $13.62 and a high of $29.32 and are now at $19.47, which is 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

Terex (NYSE:TEX) has potential upside of 21.5% based on a current price of $19.47 and analysts' consensus price target of $23.66. The stock should find initial resistance at its 200-day moving average (MA) of $21.07 and further resistance at its 50-day MA of $23.57.

SmarTrend recommended that its subscribers protect gains by selling shares of Terex on May 27th, 2016 by issuing a Downtrend alert when the shares were trading at $20.12. Since that call, shares of Terex have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Terex

Ticker(s): TEX