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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Iridiummmunications (NASDAQ:IRDM) based on the price action in the company's shares. Today's price range of $8.31 and $8.48 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 Iridiummmunications may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 53.7% exists for Iridiummmunications, based on a current level of $8.46 and analysts' average consensus price target of $13.00. The stock should discover initial support at its 50-day moving average (MA) of $7.52 and subsequent support at its 200-day MA of $7.34.

In the past 52 weeks, shares of Iridiummmunications have traded between a low of $5.25 and a high of $11.36 and are now at $8.46, which is 61% above that low price. The 200-day and 50-day moving averages have moved 0.06% lower and 0.57% higher over the past week, respectively.

Iridium Communications, Inc. offers mobile satellite communications services.

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

Keywords: bearish inside day candle iridiummmunications

Ticker(s): IRDM