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Possible Bearish Inside Day Candle Pattern Detected for Cogent Communica (NASDAQ:CCOI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cogent Communica (NASDAQ:CCOI) based on the price action in the company's shares. Yesterday's price range of $59.67 and $60.19 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 Cogent Communica may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cogent Communica (NASDAQ:CCOI) defies analysts with a current price ($60.03) 26.7% above its average consensus price target of $44.00. The stock should find resistance at its 50-day moving average (MA) of $60.45, as well as support at its 200-day MA of $53.70.

In the past 52 weeks, shares of Cogent Communica have traded between a low of $42.40 and a high of $64.24 and closed yesterday at $60.03, which is 42% above that low price. The 200-day and 50-day moving averages have moved 0.23% higher and 0.11% lower over the past week, respectively.

Cogent Communications Holdings Inc. is a next generation optical Internet service provider focused on delivering ultra-high speed Internet access and transport services. The Company serves businesses in the multi-tenant marketplace and service providers located in major metropolitan areas across the United States.

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

Keywords: bearish am inside day candle cogent communica

Ticker(s): CCOI