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

By Nick Russo

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 $47.50 and $48.65 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) is currently priced 11.0% above its average consensus analyst price target of $42.54. The stock should discover initial support at its 50-day moving average (MA) of $37.96 and subsequent support at its 200-day MA of $32.90.

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.

Cogent Communica share prices have moved between a 52-week high of $54.85 and a 52-week low of $34.23 and closed yesterday at 40% above that low price at $47.80 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has risen 0.4%.

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