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Possible Bearish Inside Day Candle Pattern Detected for BroadSoft (NASDAQ:BSFT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in BroadSoft (NASDAQ:BSFT) based on the price action in the company's shares. Yesterday's price range of $45.18 and $46.26 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 BroadSoft may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BroadSoft (NASDAQ:BSFT) defies analysts with a current price ($45.71) 8.7% above its average consensus price target of $41.71. The stock should discover initial support at its 50-day moving average (MA) of $38.52 and subsequent support at its 200-day MA of $34.73.

BroadSoft Inc. is a global provider of software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company's software enables customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications.

BroadSoft share prices have moved between a 52-week high of $47.50 and a 52-week low of $26.99 and closed yesterday at 69% above that low price at $45.71 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.9%.

SmarTrend is tracking the current trend status for BroadSoft and will alert subscribers who have BSFT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle broadsoft

Ticker(s): BSFT