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Possible Bearish Inside Day Candle Pattern Detected for Heico Corp (NYSE:HEI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Heico Corp (NYSE:HEI) based on the price action in the company's shares. Yesterday's price range of $80.70 and $84.94 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 Heico 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 14.0% exists for Heico Corp, based on a current level of $81.71 and analysts' average consensus price target of $93.12. The stock should run into initial resistance at its 50-day moving average (MA) of $108.33 and subsequent resistance at its 200-day MA of $124.16.

In the past 52 weeks, Heico Corp share prices have been bracketed by a low of $52.01 and a high of $147.93 and closed yesterday at $81.71, 57% above that low price. The 200-day and 50-day moving averages have moved 0.96% lower and 3.89% lower over the past week, respectively.

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

SmarTrend is monitoring the recent change of momentum in Heico Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Heico Corp in search of a potential trend change.

Keywords: bearish am inside day candle heico corp

Ticker(s): HEI