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Possible Bearish Inside Day Candle Pattern Detected for Belden Inc (NYSE:BDC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Belden Inc (NYSE:BDC) based on the price action in the company's shares. Yesterday's price range of $55.09 and $55.62 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 Belden Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Belden Inc. designs, manufactures, and markets cable, connectivity, and networking products. The Company produces and sells a portfolio of cable, connectivity, and networking products into a variety of end markets, including industrial, enterprise, broadcast, and consumer electronics.

Potential upside of 57.0% exists for Belden Inc, based on a current level of $55.40 and analysts' average consensus price target of $87.00. The stock should run into initial resistance at its 50-day moving average (MA) of $56.68 and subsequent resistance at its 200-day MA of $57.67.

Over the past year, Belden Inc has traded in a range of $37.79 to $76.39 and closed yesterday at $55.40, 47% above that low. The 200-day and 50-day moving averages have moved 0.39% lower and 0.03% lower over the past week, respectively.

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

Keywords: bearish am inside day candle belden inc

Ticker(s): BDC