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Possible Bearish Inside Day Candle Pattern Detected for Cognex Corp (NASDAQ:CGNX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cognex Corp (NASDAQ:CGNX) based on the price action in the company's shares. Today's price range of $55.86 and $57.03 is within yesterday'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 Cognex Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cognex Corporation designs, develops, manufactures, and markets machine vision systems. The Company's systems are used to automate the manufacture of a variety of discrete items and to assure their quality. Cognex has regional offices located throughout North America, Japan, Europe, and Southeast Asia.

In the past 52 weeks, shares of Cognex Corp have traded between a low of $35.20 and a high of $59.14 and are now at $56.00, which is 59% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

Cognex Corp (NASDAQ:CGNX) defies analysts with a current price ($56.00) 11.4% above its average consensus price target of $49.60. Cognex Corp shares have support at the 200-day moving average (MA) of $48.86 and additional support at the 50-day MA of $45.57.

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

Keywords: bearish inside day candle cognex corp

Ticker(s): CGNX