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

By James Quinn

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 $56.02 and $56.58 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.

Fabrinet (NYSE:FN) is currently priced 27.9% above its average consensus analyst price target of $40.50. The stock should find initial support at its 50-day moving average (MA) of $52.67 and further support at its 200-day MA of $45.20.

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.

In the past 52 weeks, Fabrinet share prices have been bracketed by a low of $27.63 and a high of $58.23 and closed yesterday at $56.18, 103% above that low price. The 200-day and 50-day moving averages have moved 0.82% higher and 0.75% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Fabrinet on November 2nd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.73. Since that recommendation, shares of Fabrinet have risen 24.0%. We continue to monitor FN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle fabrinet

Ticker(s): FN