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Possible Bearish Inside Day Candle Pattern Detected for Accuray Inc (NASDAQ:ARAY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Accuray Inc (NASDAQ:ARAY) based on the price action in the company's shares. Today's price range of $4.20 and $4.20 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 Accuray Inc 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 71.4% for shares of Accuray Inc based on a current price of $4.20 and an average consensus analyst price target of $7.20. The stock should hit resistance at its 50-day moving average (MA) of $4.72, as well as support at its 200-day MA of $4.20.

Over the past year, Accuray Inc has traded in a range of $3.17 to $5.40 and is now at $4.20, 32% above that low. The 200-day and 50-day moving averages have moved 0.05% higher and 0.61% lower over the past week, respectively.

Accuray Incorporated develops medical equipment. The Company produces radiation therapy and radio surgery treatment systems. Accuray has developed an intelligent robotic radio surgery system designed to treat solid tumors anywhere in the body as an alternative to traditional surgery.

SmarTrend is monitoring the recent change of momentum in Accuray Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Accuray Inc in search of a potential trend change.

Keywords: bearish inside day candle accuray inc

Ticker(s): ARAY