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Possible Bearish Inside Day Candle Pattern Detected for Infinera Corp (NASDAQ:INFN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Infinera Corp (NASDAQ:INFN) based on the price action in the company's shares. Today's price range of $4.92 and $4.92 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 Infinera Corp 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, Infinera Corp has traded in a range of $3.54 to $12.39 and is now at $4.92, 39% above that low. The 200-day and 50-day moving averages have moved 1.15% lower and 0.30% higher over the past week, respectively.

Infinera Corp has overhead space with shares priced $4.92, or 56.8% below the average consensus analyst price target of $11.38. The stock should hit resistance at its 200-day moving average (MA) of $6.02, as well as support at its 50-day MA of $4.77.

Infinera Corporation manufactures digital optical telecommunications equipment. The Company uses photonic integrated circuits to create digital optical networks. Infinera markets its products to carriers, data service providers, and cable operators.

SmarTrend is tracking the current trend status for Infinera Corp and will alert subscribers who have INFN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle infinera corp

Ticker(s): INFN