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Possible Bearish Inside Day Candle Pattern Detected for Avnet Inc (NYSE:AVT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Avnet Inc (NYSE:AVT) based on the price action in the company's shares. Today's price range of $42.01 and $42.62 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 Avnet Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Avnet, Inc. distributes computer products and semiconductors, as well as interconnect, passive, and electromechanical components. The Company markets and distributes these products and provides supply-chain integration, engineering design, and technical services. Avnet serves customers in countries around the world.

Over the past year, Avnet Inc has traded in a range of $35.67 to $44.85 and is now at $42.08, 18% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.2%.

There is potential upside of 1.7% for shares of Avnet Inc based on a current price of $42.08 and an average consensus analyst price target of $42.80. Avnet Inc shares have support at the 200-day moving average (MA) of $40.55 and additional support at the 50-day MA of $40.01.

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

Keywords: bearish inside day candle avnet inc

Ticker(s): AVT