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

By Nick Russo

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. Today's price range of $25.95 and $25.97 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 Commscope Holdin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Commscope Holdin share prices have moved between a 52-week high of $41.60 and a 52-week low of $15.09 and are now trading 72% above that low price at $25.97 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.1%.

There is potential upside of 32.8% for shares of Commscope Holdin based on a current price of $25.97 and an average consensus analyst price target of $34.50. The stock should discover initial support at its 200-day moving average (MA) of $24.40 and subsequent support at its 50-day MA of $22.59.

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.

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 inside day candle commscope holdin

Ticker(s): COMM