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Possible Bullish Inside Day Candle Pattern Detected for Tyler Technologies (NYSE:TYL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tyler Technologies (NYSE:TYL) based on the price action in the company's shares. Yesterday's price range of $167.99 and $169.50 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 Tyler Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Tyler Technologies has overhead space with shares priced $168.22, or 12.2% below the average consensus analyst price target of $191.56. The stock should find initial support at its 200-day moving average (MA) of $150.44 and further support at its 50-day MA of $131.60.

In the past 52 weeks, shares of Tyler Technologies have traded between a low of $118.05 and a high of $184.01 and closed yesterday at $168.22, which is 42% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 1.43% higher over the past week, respectively.

Tyler Technologies, Inc. provides end-to-end information management solutions and services for local governments. The Company's client base includes local government offices throughout the United States, Canada, Puerto Rico, and the United Kingdom.

SmarTrend recommended that subscribers consider buying shares of Tyler Technologies on April 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $135.55. Since that recommendation, shares of Tyler Technologies have risen 23.7%. We continue to monitor TYL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle tyler technologies

Ticker(s): TYL