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

By James Quinn

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 $27.30 and $27.45 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.

Arris Group (NASDAQ:ARRS) has potential upside of 31.8% based on a current price of $27.31 and analysts' consensus price target of $36.00. Arris Group shares have support at the 200-day moving average (MA) of $26.57 and additional support at the 50-day MA of $22.79.

Over the past year, Arris Group has traded in a range of $20.05 to $34.90 and is now at $27.31, 36% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.5%.

SmarTrend recommended that subscribers consider buying shares of Arris Group on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.87. Since that recommendation, shares of Arris Group have risen 15.1%. We continue to monitor ARRS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Arris Group

Ticker(s): ARRS