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Possible Bearish Inside Day Candle Pattern Detected for JDS Uniphase (NASDAQ:JDSU)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in JDS Uniphase (NASDAQ:JDSU) based on the price action in the company's shares. Today's price range of $13.24 and $13.53 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 JDS Uniphase may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

JDS Uniphase (NASDAQ:JDSU) has potential upside of 10.0% based on a current price of $13.48 and analysts' consensus price target of $14.83. JDS Uniphase shares have support at the 50-day moving average (MA) of $13.40 and additional support at the 200-day MA of $12.45.

Over the past year, JDS Uniphase has traded in a range of $8.47 to $29.12 and is now at $13.48, 59% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

JDS Uniphase Corporation provides communications test & measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. The Company also provides optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications.

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

Keywords: bearish inside day candle jds uniphase

Ticker(s): JDSU