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Possible Bearish Inside Day Candle Pattern Detected for Finisar Corp (NASDAQ:FNSR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Finisar Corp (NASDAQ:FNSR) based on the price action in the company's shares. Today's price range of $17.75 and $18.16 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 Finisar Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Finisar Corp share prices have been bracketed by a low of $14.25 and a high of $28.84 and are now at $17.80, 25% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.

Potential upside of 18.0% exists for Finisar Corp, based on a current level of $17.80 and analysts' average consensus price target of $21.00. The stock should find resistance at its 200-day moving average (MA) of $19.12, as well as support at its 50-day MA of $16.53.

Finisar Corporation provides fiber optic subsystems and network performance test systems which enable high-speed data communications over local area network and storage area networks. The Company's line of optical subsystems supports a variety of network applications, transmission speeds, distances, and mediums. Finisar also provides network performance test systems.

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

Keywords: bearish inside day candle finisar corp

Ticker(s): FNSR