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Possible Bearish Inside Day Candle Pattern Detected for Immersion Corp (NASDAQ:IMMR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Immersion Corp (NASDAQ:IMMR) based on the price action in the company's shares. Today's price range of $7.20 and $7.48 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 Immersion Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch. The Company's technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

In the past 52 weeks, Immersion Corp share prices have been bracketed by a low of $6.22 and a high of $11.92 and are now at $7.38, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.6%.

Immersion Corp (NASDAQ:IMMR) has potential upside of 52.0% based on a current price of $7.38 and analysts' consensus price target of $11.21. Immersion Corp shares should first meet resistance at the 50-day moving average (MA) of $8.10 and find additional resistance at the 200-day MA of $10.44.

SmarTrend recommended that its subscribers protect gains by selling shares of Immersion Corp on March 3rd, 2017 by issuing a Downtrend alert when the shares were trading at $8.62. Since that call, shares of Immersion Corp have fallen 11.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle immersion corp

Ticker(s): IMMR