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Possible Bearish Inside Day Candle Pattern Detected for Commscope Holdin (NASDAQ:COMM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Commscope Holdin (NASDAQ:COMM) based on the price action in the company's shares. Yesterday's price range of $25.76 and $26.04 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 Commscope Holdin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Commscope Holdin have traded between a low of $15.09 and a high of $41.60 and closed yesterday at $26.04, which is 73% above that low price. The 200-day and 50-day moving averages have moved 0.21% lower and 1.29% higher over the past week, respectively.

CommScope Holding Company, Inc. operates as a holding company. The Company, through its subsidiaries, provides end-to-end solutions connecting technology and wireless and wired networks. CommScope serves customers throughout the world.

Commscope Holdin has overhead space with shares priced $26.04, or 24.5% below the average consensus analyst price target of $34.50. The stock should find initial support at its 200-day moving average (MA) of $24.39 and further support at its 50-day MA of $22.69.

SmarTrend is tracking the current trend status for Commscope Holdin and will alert subscribers who have COMM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle commscope holdin

Ticker(s): COMM