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Possible Bearish Inside Day Candle Pattern Detected for Thermo Fisher (NYSE:TMO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Thermo Fisher (NYSE:TMO) based on the price action in the company's shares. Yesterday's price range of $288.31 and $299.98 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 Thermo Fisher may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

Over the past year, Thermo Fisher has traded in a range of $253.22 to $342.26 and closed yesterday at $280.84, 11% above that low. The 200-day and 50-day moving averages have moved 0.15% higher and 0.88% lower over the past week, respectively.

Thermo Fisher (NYSE:TMO) defies analysts with a current price ($280.84) 14.2% above its average consensus price target of $240.86. The stock should find initial resistance at its 200-day moving average (MA) of $301.26 and further resistance at its 50-day MA of $320.56.

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

Keywords: bearish am inside day candle Thermo Fisher

Ticker(s): TMO