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Possible Bearish Inside Day Candle Pattern Detected for Dish Network-A (NASDAQ:DISH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dish Network-A (NASDAQ:DISH) based on the price action in the company's shares. Today's price range of $31.10 and $31.96 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 Dish Network-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Dish Network-A has traded in a range of $27.54 to $66.50 and is now at $31.67, 15% above that low. The 200-day and 50-day moving averages have moved 0.63% lower and 0.75% lower over the past week, respectively.

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming, and interactive television services to commercial and residential subscribers in the United States.

There is potential upside of 95.0% for shares of Dish Network-A based on a current price of $31.67 and an average consensus analyst price target of $61.76. Dish Network-A shares should first meet resistance at the 50-day moving average (MA) of $34.05 and find additional resistance at the 200-day MA of $35.88.

SmarTrend recommended that its subscribers protect gains by selling shares of Dish Network-A on October 8th, 2018 by issuing a Downtrend alert when the shares were trading at $34.16. Since that call, shares of Dish Network-A have fallen 6.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle dish network-a

Ticker(s): DISH