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Possible Bearish Inside Day Candle Pattern Detected for Ametek Inc (NYSE:AME)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ametek Inc (NYSE:AME) based on the price action in the company's shares. Yesterday's price range of $83.00 and $83.47 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 Ametek Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The Company manufactures advanced instruments for process, aerospace, power, and industrial markets and is a supplier of electrical interconnects, specialty metals, technical motors and systems, and floor care and specialty motors.

In the past 52 weeks, shares of Ametek Inc have traded between a low of $54.82 and a high of $102.31 and closed yesterday at $83.87, which is 53% above that low price. The 200-day and 50-day moving averages have moved 0.19% lower and 1.89% lower over the past week, respectively.

Ametek Inc (NYSE:AME) is currently priced 1.0% above its average consensus analyst price target of $83.00. The stock should hit resistance at its 200-day moving average (MA) of $89.59, as well as support at its 50-day MA of $78.03.

SmarTrend is tracking the current trend status for Ametek Inc and will alert subscribers who have AME in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ametek inc

Ticker(s): AME