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Possible Bearish Inside Day Candle Pattern Detected for Iridium Communic (NASDAQ:IRDM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iridium Communic (NASDAQ:IRDM) based on the price action in the company's shares. Today's price range of $17.30 and $17.80 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 Iridium Communic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage. Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

Iridium Communic (NASDAQ:IRDM) is currently priced 13.5% above its average consensus analyst price target of $15.40. The stock should find initial support at its 50-day moving average (MA) of $13.11 and further support at its 200-day MA of $11.91.

In the past 52 weeks, Iridium Communic share prices have been bracketed by a low of $6.80 and a high of $17.95 and are now at $17.80, 162% above that low price. The 200-day and 50-day moving averages have moved 1.11% higher and 3.56% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Iridium Communic on May 24th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.13. Since that recommendation, shares of Iridium Communic have risen 36.0%. We continue to monitor IRDM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle iridium communic

Ticker(s): IRDM