Possible Bearish Inside Day Candle Pattern Detected for IDEX (NYSE:IEX)

Published on Wed, 02/18/2015 - 08:32
By Mallory Stone in Candlestick, IEX, bearish am inside day candle, idex, nyse:iex

Analysts have spotted a possible bearish inside day candle pattern in IDEX (NYSE:IEX) based on the price action in the company's shares. Yesterday's price range of $76.43 and $77.01 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. Owners of IDEX may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 2.6% for shares of IDEX based on a current price of $76.64 and an average consensus analyst price target of $78.62. IDEX shares have support at the 200-day moving average (MA) of $75.86 and additional support at the 50-day MA of $75.08.

IDEX Corporation designs, manufactures, and markets a variety of pump products, dispensing equipment, and other engineered products. The Company's products include industrial pumps, lubrication systems, banding and clamping devices, and rescue tools. IDEX markets its products to customers in the United States and overseas.

In the past 52 weeks, IDEX share prices have been bracketed by a low of $65.91 and a high of $81.82 and closed yesterday at $76.64, 16% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

By Mallory Stone
mstone@fnno.com

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