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Possible Bearish Inside Day Candle Pattern Detected for Mistras Group In (NYSE:MG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mistras Group In (NYSE:MG) based on the price action in the company's shares. Yesterday's price range of $4.63 and $4.99 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 Mistras Group In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mistras Group, Inc. develops asset protection solutions. The Company provides acoustic, ultrasonic, thermography, radiography, and non-destructive testing platforms used to evaluate the structural and mechanical integrity of critical energy, industrial, and public infrastructure. Mistras Group serves customers worldwide.

In the past 52 weeks, Mistras Group In share prices have been bracketed by a low of $2.77 and a high of $16.95 and closed yesterday at $4.75, 71% above that low price. The 200-day and 50-day moving averages have moved 1.72% lower and 7.99% lower over the past week, respectively.

There is potential upside of 352.6% for shares of Mistras Group In based on a current price of $4.75 and an average consensus analyst price target of $21.50. The stock should find initial resistance at its 50-day moving average (MA) of $4.96 and further resistance at its 200-day MA of $11.85.

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

Keywords: bearish am inside day candle mistras group in

Ticker(s): MG