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

By Amy Schwartz

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 $49.14 and $53.73 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.

Adv Energy Inds share prices have moved between a 52-week high of $78.49 and a 52-week low of $33.38 and closed yesterday at 50% above that low price at $50.18 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 3.9%.

There is potential upside of 56.6% for shares of Adv Energy Inds based on a current price of $50.18 and an average consensus analyst price target of $78.60. The stock should run into initial resistance at its 200-day moving average (MA) of $59.59 and subsequent resistance at its 50-day MA of $62.48.

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.

SmarTrend is monitoring the recent change of momentum in Adv Energy Inds. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Adv Energy Inds in search of a potential trend change.

Keywords: bearish am inside day candle adv energy inds

Ticker(s): AEIS