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Possible Bearish Inside Day Candle Pattern Detected for Adv Energy Inds (NASDAQ:AEIS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Adv Energy Inds (NASDAQ:AEIS) based on the price action in the company's shares. Yesterday's price range of $55.63 and $58.35 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. Owners of Adv Energy Inds may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Adv Energy Inds has traded in a range of $33.38 to $78.49 and closed yesterday at $55.60, 67% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 3%.

Advanced Energy Industries, Inc. provides engineered precision power conversion, measurement, and control solutions. The Company designs, manufactures, sells, and supports power conversion products and solutions that transform power into various usable forms in a variety of applications ranging from manufacturing and industrial processes to instrumentation and measurement.

Potential upside of 41.4% exists for Adv Energy Inds, based on a current level of $55.60 and analysts' average consensus price target of $78.60. The stock should find resistance at its 200-day moving average (MA) of $59.17, as well as support at its 50-day MA of $51.68.

SmarTrend is tracking the current trend status for Adv Energy Inds and will alert subscribers who have AEIS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle adv energy inds

Ticker(s): AEIS