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Possible Bullish Inside Day Candle Pattern Detected for Donaldson Co Inc (NYSE:DCI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Donaldson Co Inc (NYSE:DCI) based on the price action in the company's shares. Yesterday's price range of $48.11 and $48.26 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 Donaldson Co Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Donaldson Company, Inc. manufactures filtration systems and replacement parts. The Company's products include filters and emission control products for heavy duty mobile equipment, in-plant air cleaning systems, air intake systems for industrial gas turbines, and specialized filters for computer disk drives, aircraft cabins, and semiconductors. Donaldson operates around the world.

In the past 52 weeks, shares of Donaldson Co Inc have traded between a low of $40.27 and a high of $59.43 and closed yesterday at $48.19, which is 20% above that low price. The 200-day and 50-day moving averages have moved 0.06% higher and 0.02% higher over the past week, respectively.

Donaldson Co Inc has overhead space with shares priced $48.19, or 8.5% below the average consensus analyst price target of $52.67. The stock should find initial resistance at its 200-day moving average (MA) of $50.95 and further resistance at its 50-day MA of $51.27.

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

Keywords: bullish am inside day candle donaldson co inc

Ticker(s): DCI