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

By Shiri Gupta

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 $88.10 and $90.40 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.

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).

In the past 52 weeks, shares of Heico Corp have traded between a low of $52.01 and a high of $147.93 and closed yesterday at $90.36, which is 74% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.3%.

Heico Corp (NYSE:HEI) has potential upside of 3.1% based on a current price of $90.36 and analysts' consensus price target of $93.12. The stock should find resistance at its 200-day moving average (MA) of $116.27, as well as support at its 50-day MA of $82.64.

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

Keywords: bearish am inside day candle heico corp

Ticker(s): HEI