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Possible Bearish Inside Day Candle Pattern Detected for Cirrus Logic Inc (NASDAQ:CRUS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cirrus Logic Inc (NASDAQ:CRUS) based on the price action in the company's shares. Today's price range of $38.51 and $38.80 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 Cirrus Logic Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 5.4% exists for Cirrus Logic Inc, based on a current level of $38.76 and analysts' average consensus price target of $40.86. The stock should hit resistance at its 200-day moving average (MA) of $47.71, as well as support at its 50-day MA of $38.16.

Cirrus Logic, Inc. is a fabless semiconductor company. The Company develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

In the past 52 weeks, Cirrus Logic Inc share prices have been bracketed by a low of $34.78 and a high of $66.87 and are now at $38.76, 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.2%.

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

Keywords: bearish inside day candle cirrus logic inc

Ticker(s): CRUS