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Possible Bearish Inside Day Candle Pattern Detected for Cray Inc (NASDAQ:CRAY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cray Inc (NASDAQ:CRAY) based on the price action in the company's shares. Yesterday's price range of $25.64 and $25.64 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 Cray Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cray Inc (NASDAQ:CRAY) has potential upside of 31.4% based on a current price of $25.62 and analysts' consensus price target of $33.67. The stock should discover initial support at its 200-day moving average (MA) of $23.18 and subsequent support at its 50-day MA of $23.04.

Over the past year, Cray Inc has traded in a range of $18.76 to $28.60 and closed yesterday at $25.62, 37% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has remained constant.

Cray, Inc. designs, develops, manufactures, markets, and services high performance computing systems commonly known as supercomputers. The Company's products provides sustained performance on critical applications, scalability to handle larger problems, and the reliability to run jobs to completion.

SmarTrend recommended that subscribers consider buying shares of Cray Inc on February 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.21. Since that recommendation, shares of Cray Inc have risen 11.2%. We continue to monitor CRAY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cray inc

Ticker(s): CRAY