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Possible Bearish Inside Day Candle Pattern Detected for 8X8 Inc (NYSE:EGHT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in 8X8 Inc (NYSE:EGHT) based on the price action in the company's shares. Today's price range of $19.60 and $19.85 is within yesterday'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 8X8 Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

8X8 Inc has overhead space with shares priced $19.80, or 12.3% below the average consensus analyst price target of $22.57. The stock should find resistance at its 50-day moving average (MA) of $20.10, as well as support at its 200-day MA of $16.64.

8x8, Inc. provides voice-over-Internet protocol creation platforms, hosted Internet PBX solutions, voice and video semiconductors, and related software. The Company offers service providers the tools to create next-generation Internet protocol network services, while providing telecommunications manufacturers with embedded technology, software stacks, and reference designs.

Over the past year, 8X8 Inc has traded in a range of $10.30 to $23.05 and is now at $19.80, 92% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 0.4%.

SmarTrend is tracking the current trend status for 8X8 Inc and will alert subscribers who have EGHT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle 8x8 inc

Ticker(s): EGHT