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Possible Bullish Inside Day Candle Pattern Detected for Ipg Photonics (NASDAQ:IPGP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ipg Photonics (NASDAQ:IPGP) based on the price action in the company's shares. Yesterday's price range of $125.44 and $128.22 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 Ipg Photonics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 114.9% for shares of Ipg Photonics based on a current price of $127.08 and an average consensus analyst price target of $273.14. Ipg Photonics shares should first meet resistance at the 50-day moving average (MA) of $128.42 and find additional resistance at the 200-day MA of $140.53.

IPG Photonics Corporation produces high-power fiber lasers and amplifiers. The Company develops and commercializes optical fiber-based lasers used in a wide range of applications such as materials processing, telecommunications, and medical applications.

In the past 52 weeks, Ipg Photonics share prices have been bracketed by a low of $104.64 and a high of $264.11 and closed yesterday at $127.08, 21% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.5%.

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

Keywords: bullish am inside day candle ipg photonics

Ticker(s): IPGP