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Possible Bullish Inside Day Candle Pattern Detected for Ebix Inc (NASDAQ:EBIX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ebix Inc (NASDAQ:EBIX) based on the price action in the company's shares. Yesterday's price range of $49.48 and $50.16 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 Ebix 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.

Ebix Inc has overhead space with shares priced $50.07, or 54.5% below the average consensus analyst price target of $110.00. The stock should find resistance at its 200-day moving average (MA) of $57.14, as well as support at its 50-day MA of $49.96.

Ebix, Inc. supplies software and electronic commerce solutions to the insurance industry. The Company provides a series of application software ranging from carrier systems, agency systems, and exchanges to custom software development for all entities involved in the insurance and financial industries. Ebix offers products, support, and consultancy to customers on several continents.

Ebix Inc share prices have moved between a 52-week high of $89.10 and a 52-week low of $39.27 and closed yesterday at 28% above that low price at $50.07 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 1.3%.

SmarTrend is tracking the current trend status for Ebix Inc and will alert subscribers who have EBIX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ebix inc

Ticker(s): EBIX