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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 $443.17 and $443.17 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.

Potential upside of 13.3% exists for Equinix Inc, based on a current level of $443.55 and analysts' average consensus price target of $502.37. Equinix Inc shares have support at the 200-day moving average (MA) of $409.69 and additional support at the 50-day MA of $403.70.

In the past 52 weeks, Equinix Inc share prices have been bracketed by a low of $335.29 and a high of $458.64 and closed yesterday at $443.55, 32% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.4%.

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.

SmarTrend recommended that subscribers consider buying shares of Equinix Inc on January 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $369.43. Since that recommendation, shares of Equinix Inc have risen 20.2%. 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