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Possible Bearish Inside Day Candle Pattern Detected for Ii-Vi Inc (NASDAQ:IIVI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ii-Vi Inc (NASDAQ:IIVI) based on the price action in the company's shares. Yesterday's price range of $34.01 and $34.90 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 Ii-Vi Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

II-VI Incorporated designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. II-VI also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

Ii-Vi Inc has overhead space with shares priced $34.42, or 30.6% below the average consensus analyst price target of $49.62. The stock should find initial support at its 200-day moving average (MA) of $33.56 and further support at its 50-day MA of $28.48.

In the past 52 weeks, Ii-Vi Inc share prices have been bracketed by a low of $19.00 and a high of $41.10 and closed yesterday at $34.42, 81% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.8%.

SmarTrend is tracking the current trend status for Ii-Vi Inc and will alert subscribers who have IIVI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle ii-vi inc

Ticker(s): IIVI