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Possible Bearish Inside Day Candle Pattern Detected for Fabrinet (NYSE:FN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fabrinet (NYSE:FN) based on the price action in the company's shares. Yesterday's price range of $51.50 and $52.73 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 Fabrinet 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, Fabrinet has traded in a range of $24.02 to $54.70 and closed yesterday at $52.01, 117% above that low. The 200-day and 50-day moving averages have moved 1.30% higher and 0.36% higher over the past week, respectively.

Fabrinet offers outsourced process engineering and manufacturing services. The Company contracts to manufacture optical communications, automotive, industrial and imaging components, sub-assemblies, and modules for its original equipment manufacturer customers.

Fabrinet (NYSE:FN) is currently priced 22.1% above its average consensus analyst price target of $40.50. The stock should find initial support at its 50-day moving average (MA) of $45.68 and further support at its 200-day MA of $37.64.

SmarTrend is monitoring the recent change of momentum in Fabrinet. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fabrinet in search of a potential trend change.

Keywords: bearish am inside day candle fabrinet

Ticker(s): FN