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Possible Bearish Inside Day Candle Pattern Detected for Colfax Corp (NYSE:CFX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Colfax Corp (NYSE:CFX) based on the price action in the company's shares. Yesterday's price range of $28.35 and $28.76 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 Colfax Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 28.7% exists for Colfax Corp, based on a current level of $28.55 and analysts' average consensus price target of $36.75. The stock should discover initial support at its 50-day moving average (MA) of $27.62 and subsequent support at its 200-day MA of $26.96.

Over the past year, Colfax Corp has traded in a range of $18.95 to $35.80 and closed yesterday at $28.55, 51% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.5%.

Colfax Corporation manufactures a broad range of fluid handling products, including pumps, fluid handling systems, and specialty valves. The Company specializes in rotary positive displacement pumps, which include screw pumps, gear pumps, and progressive cavity pumps.

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

Keywords: bearish am inside day candle colfax corp

Ticker(s): CFX