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Possible Bullish Inside Day Candle Pattern Detected for Deluxe Corp (NYSE:DLX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Deluxe Corp (NYSE:DLX) based on the price action in the company's shares. Yesterday's price range of $23.29 and $24.11 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 Deluxe 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.

Deluxe Corp. offers check printing and related business services. The Company provides customized checks and forms, website development and hosting, email marketing, search engine optimization, logo design, customer acquisition, fraud prevention, and data analysis services. Deluxe serves individual customers, small businesses, and financial institutions.

Over the past year, Deluxe Corp has traded in a range of $19.57 to $54.15 and closed yesterday at $24.36, 24% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 6.5%.

There is potential upside of 310.5% for shares of Deluxe Corp based on a current price of $24.36 and an average consensus analyst price target of $100.00. Deluxe Corp shares should first meet resistance at the 50-day moving average (MA) of $34.67 and find additional resistance at the 200-day MA of $43.86.

SmarTrend recommended that its subscribers protect gains by selling shares of Deluxe Corp on January 6th, 2020 by issuing a Downtrend alert when the shares were trading at $48.80. Since that call, shares of Deluxe Corp have fallen 53.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle deluxe corp

Ticker(s): DLX