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Possible Bearish Inside Day Candle Pattern Detected for Carbonite Inc (NASDAQ:CARB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Carbonite Inc (NASDAQ:CARB) based on the price action in the company's shares. Today's price range of $30.95 and $33.05 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 Carbonite Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Carbonite Inc has traded in a range of $8.81 to $33.55 and is now at $31.02, 252% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.4%.

Carbonite Inc (NASDAQ:CARB) is currently priced 2.4% above its average consensus analyst price target of $30.29. The stock should find initial support at its 200-day moving average (MA) of $9.59 and further support at its 50-day MA of $7.86.

Carbonite Inc. is a data protection solutions provider. The Company provides cloud and hybrid data protection solutions for businesses to ensure the data is protected, available and useful.

SmarTrend recommended that subscribers consider buying shares of Carbonite Inc on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.25. Since that recommendation, shares of Carbonite Inc have risen 22.6%. We continue to monitor CARB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle carbonite inc

Ticker(s): CARB