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Possible Bearish Inside Day Candle Pattern Detected for Park Electrochem (NYSE:PKE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Park Electrochem (NYSE:PKE) based on the price action in the company's shares. Yesterday's price range of $11.00 and $11.45 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 Park Electrochem may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Park Electrochemical Corp. is a global advanced materials company. The Company develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets.

Potential upside of 116.2% exists for Park Electrochem, based on a current level of $11.10 and analysts' average consensus price target of $24.00. Park Electrochem shares should first meet resistance at the 50-day moving average (MA) of $14.37 and find additional resistance at the 200-day MA of $16.25.

Over the past year, Park Electrochem has traded in a range of $9.14 to $19.29 and closed yesterday at $11.10, 21% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Park Electrochem on February 24th, 2020 by issuing a Downtrend alert when the shares were trading at $15.69. Since that call, shares of Park Electrochem have fallen 29.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle park electrochem

Ticker(s): PKE