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

Published on Thu, 10/03/2013 - 07:25
By Robert Cotter

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 $65.28 and $65.93 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.

Over the past year, IDEX has traded in a range of $39.74 to $66.72 and closed yesterday at $65.75, 65% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.6%.

IDEX (NYSE:IEX) is currently priced 5.2% above its average consensus analyst price target of $62.33. The stock should discover initial support at its 50-day moving average (MA) of $61.72 and subsequent support at its 200-day MA of $54.45.

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.

By Robert Cotter