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Possible Bearish Inside Day Candle Pattern Detected for Astronics Corp (NASDAQ:ATRO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Astronics Corp (NASDAQ:ATRO) based on the price action in the company's shares. Yesterday's price range of $8.61 and $9.53 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 Astronics Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 360.5% for shares of Astronics Corp based on a current price of $9.36 and an average consensus analyst price target of $43.10. The stock should run into initial resistance at its 50-day moving average (MA) of $20.75 and subsequent resistance at its 200-day MA of $28.95.

In the past 52 weeks, shares of Astronics Corp have traded between a low of $6.99 and a high of $44.34 and closed yesterday at $9.36, which is 34% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has declined 8.7%.

Astronics Corporation designs, manufactures, and markets specialized lighting, control systems, and electronics for the cockpit, cabin, and exteriors of military, commercial jet, and general aviation aircraft.

SmarTrend recommended that its subscribers protect gains by selling shares of Astronics Corp on December 30th, 2019 by issuing a Downtrend alert when the shares were trading at $28.18. Since that call, shares of Astronics Corp have fallen 66.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle astronics corp

Ticker(s): ATRO