Possible Bearish Inside Day Candle Pattern Detected for Finisar (NASDAQ:FNSR)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Finisar (NASDAQ:FNSR) based on the price action in the company's shares. Today's price range of $22.70 and $23.05 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 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 share prices have been bracketed by a low of $14.22 and a high of $28.85 and are now at $22.94, 61% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.
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.
Finisar (NASDAQ:FNSR) is currently priced 0.6% above its average consensus analyst price target of $22.79. Finisar shares have support at the 50-day moving average (MA) of $19.99 and additional support at the 200-day MA of $19.06.
SmarTrend recommended that subscribers consider buying shares of Finisar on November 21st, 2014 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.48. Since that recommendation, shares of Finisar have risen 31.9%. We continue to monitor FNSR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle finisar