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Possible Bearish Inside Day Candle Pattern Detected for Arris Group (NASDAQ:ARRS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arris Group (NASDAQ:ARRS) based on the price action in the company's shares. Today's price range of $22.81 and $23.13 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 Arris Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Arris Group Inc. is a global communications technology company specializing in the design and engineering of broadband local access networks. The Company develops, manufactures, and supplies optical transmission, cable telephony and Internet access, outside plant construction, and maintenance equipment for cable system operators.

In the past 52 weeks, shares of Arris Group have traded between a low of $20.27 and a high of $34.90 and are now at $22.90, which is 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.5%.

Arris Group (NASDAQ:ARRS) has potential upside of 57.2% based on a current price of $22.90 and analysts' consensus price target of $36.00. Arris Group shares should encounter resistance at the 200-day moving average (MA) of $26.68 and support at the 50-day MA of $22.75.

SmarTrend recommended that its subscribers protect gains by selling shares of Arris Group on January 7th, 2016 by issuing a Downtrend alert when the shares were trading at $28.16. Since that call, shares of Arris Group have fallen 17.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Arris Group

Ticker(s): ARRS