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Possible Bearish Inside Day Candle Pattern Detected for Ceva Inc (NASDAQ:CEVA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ceva Inc (NASDAQ:CEVA) based on the price action in the company's shares. Yesterday's price range of $23.45 and $23.93 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 Ceva Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CEVA, Inc. licenses DSP-based platforms applications to the semiconductor industry. The Company markets IPs for vision, audio, communications, and connectivity. CEVA serves a range of end markets, including mobile, consumer, automotive, and industrial.

Ceva Inc has overhead space with shares priced $23.90, or 44.4% below the average consensus analyst price target of $43.00. The stock should run into initial resistance at its 50-day moving average (MA) of $24.93 and subsequent resistance at its 200-day MA of $26.27.

In the past 52 weeks, shares of Ceva Inc have traded between a low of $20.40 and a high of $35.00 and closed yesterday at $23.90, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 0.75% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ceva Inc on March 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $26.92. Since that call, shares of Ceva Inc have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle ceva inc

Ticker(s): CEVA