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Possible Bearish Inside Day Candle Pattern Detected for Insight Enterpri (NASDAQ:NSIT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Insight Enterpri (NASDAQ:NSIT) based on the price action in the company's shares. Yesterday's price range of $56.75 and $57.40 is within the prior day'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 Insight Enterpri may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Insight Enterpri (NASDAQ:NSIT) is currently priced 9.6% above its average consensus analyst price target of $51.50. The stock should find initial support at its 200-day moving average (MA) of $48.49 and further support at its 50-day MA of $44.66.

Over the past year, Insight Enterpri has traded in a range of $33.10 to $57.75 and closed yesterday at $56.99, 72% above that low. The 200-day and 50-day moving averages have moved 0.53% higher and 1.86% higher over the past week, respectively.

Insight Enterprises, Inc. offers information technology (IT) hardware, software and services to large enterprises, small to medium sized businesses and public sector institutions in North America, Europe, the Middle East, Africa, and Asia-Pacific.

SmarTrend recommended that subscribers consider buying shares of Insight Enterpri on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.52. Since that recommendation, shares of Insight Enterpri have risen 29.4%. We continue to monitor NSIT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle insight enterpri

Ticker(s): NSIT