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Possible Bearish Inside Day Candle Pattern Detected for Ingram Micro (NYSE:IM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ingram Micro (NYSE:IM) based on the price action in the company's shares. Today's price range of $35.35 and $35.61 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 Ingram Micro may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ingram Micro Inc. is a wholesale distributor of Information Technology ("IT") products and services. The Company also markets computer hardware, networking equipment, and software products. Ingram Micro provides supply chain optimization services to suppliers and reseller customers.

Ingram Micro (NYSE:IM) defies analysts with a current price ($35.40) 4.0% above its average consensus price target of $34.00. The stock should find resistance at its 50-day moving average (MA) of $35.72, as well as support at its 200-day MA of $30.43.

Over the past year, Ingram Micro has traded in a range of $23.70 to $36.66 and is now at $35.40, 49% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has declined 0.3%.

SmarTrend recommended that subscribers consider buying shares of Ingram Micro on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.85. Since that recommendation, shares of Ingram Micro have risen 19.4%. We continue to monitor IM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ingram micro

Ticker(s): IM