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Possible Bearish Inside Day Candle Pattern Detected for Roper Technologi (NYSE:ROP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Roper Technologi (NYSE:ROP) based on the price action in the company's shares. Yesterday's price range of $372.73 and $373.52 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 Roper Technologi may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Roper Technologi share prices have been bracketed by a low of $268.62 and a high of $385.51 and closed yesterday at $372.40, 39% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

Roper Technologies, Inc. manufactures and distributes industrial equipment. The Company offers industrial controls, fluid handling, pumps, medical and scientific devices, analytical instrumentation products, radio frequency identification (RFID) communication technology, and software solutions.

Roper Technologi (NYSE:ROP) is currently priced 19.6% above its average consensus analyst price target of $299.50. The stock should find initial support at its 200-day moving average (MA) of $355.11 and further support at its 50-day MA of $352.57.

SmarTrend recommended that subscribers consider buying shares of Roper Technologi on November 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $352.33. Since that recommendation, shares of Roper Technologi have risen 6.2%. We continue to monitor ROP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle roper technologi

Ticker(s): ROP