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Possible Bearish Inside Day Candle Pattern Detected for H&E Equipment Se (NASDAQ:HEES)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in H&E Equipment Se (NASDAQ:HEES) based on the price action in the company's shares. Yesterday's price range of $15.83 and $16.73 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 H&E Equipment Se may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

H&E Equipment Services, Inc. is an integrated equipment services company focused on heavy construction and industrial equipment. The Company rents, sells, and provides parts and service support for hi-lift or aerial platform equipment, cranes, earthmoving equipment, and industrial lift trucks.

In the past 52 weeks, H&E Equipment Se share prices have been bracketed by a low of $9.12 and a high of $37.85 and closed yesterday at $16.26, 78% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 6.5%.

Potential upside of 168.6% exists for H&E Equipment Se, based on a current level of $16.26 and analysts' average consensus price target of $43.67. The stock should hit resistance at its 200-day moving average (MA) of $26.44, as well as support at its 50-day MA of $16.17.

SmarTrend is tracking the current trend status for H&E Equipment Se and will alert subscribers who have HEES in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle h&e equipment se

Ticker(s): HEES