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Possible Bearish Inside Day Candle Pattern Detected for Equinix Inc (NASDAQ:EQIX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Equinix Inc (NASDAQ:EQIX) based on the price action in the company's shares. Yesterday's price range of $642.90 and $646.21 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 Equinix Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Equinix, Inc. operates as a real estate investment trust. The Company invests in interconnected data centers. Equinix focuses on developing network and cloud-neutral data center platform for cloud and information technology, enterprises, network, and mobile services providers, as well as for financial companies.

In the past 52 weeks, shares of Equinix Inc have traded between a low of $417.25 and a high of $654.32 and closed yesterday at $640.93, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.

Equinix Inc (NASDAQ:EQIX) defies analysts with a current price ($640.93) 21.6% above its average consensus price target of $502.37. Equinix Inc shares have support at the 50-day moving average (MA) of $588.35 and additional support at the 200-day MA of $546.45.

SmarTrend recommended that subscribers consider buying shares of Equinix Inc on November 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $562.14. Since that recommendation, shares of Equinix Inc have risen 15.4%. We continue to monitor EQIX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle equinix inc

Ticker(s): EQIX