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Possible Bearish Inside Day Candle Pattern Detected for Aerohive Network (NYSE:HIVE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aerohive Network (NYSE:HIVE) based on the price action in the company's shares. Yesterday's price range of $4.59 and $4.59 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 Aerohive Network may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Aerohive Networks, Inc. supplies wireless infrastructure equipment. The Company designs cooperative control wireless architecture, cloud-enabled network management, routing, and virtual private network solutions. Aerohive serves the healthcare, education, manufacturing, distribution, and retail industries throughout the United States.

Aerohive Network (NYSE:HIVE) has potential upside of 10.3% based on a current price of $4.61 and analysts' consensus price target of $5.08. Aerohive Network shares have support at the 50-day moving average (MA) of $4.12 and additional support at the 200-day MA of $4.02.

In the past 52 weeks, shares of Aerohive Network have traded between a low of $3.19 and a high of $5.18 and closed yesterday at $4.61, which is 45% 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 advanced 1.8%.

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

Keywords: bearish am inside day candle aerohive network

Ticker(s): HIVE