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Possible Bullish Inside Day Candle Pattern Detected for Colfax Corp (NYSE:CFX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Colfax Corp (NYSE:CFX) based on the price action in the company's shares. Yesterday's price range of $34.56 and $35.24 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. Traders and investors interested in shares of Colfax Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Colfax Corp has overhead space with shares priced $34.91, or 5.0% below the average consensus analyst price target of $36.75. Colfax Corp shares have support at the 50-day moving average (MA) of $32.53 and additional support at the 200-day MA of $28.93.

Colfax Corp share prices have moved between a 52-week high of $36.63 and a 52-week low of $18.95 and closed yesterday at 84% above that low price at $34.91 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.1%.

Colfax Corporation manufactures a broad range of fluid handling products, including pumps, fluid handling systems, and specialty valves. The Company specializes in rotary positive displacement pumps, which include screw pumps, gear pumps, and progressive cavity pumps.

SmarTrend recommended that subscribers consider buying shares of Colfax Corp on October 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.47. Since that recommendation, shares of Colfax Corp have risen 9.8%. We continue to monitor CFX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle colfax corp

Ticker(s): CFX