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Possible Bearish Inside Day Candle Pattern Detected for Level 3 Communications (NYSE:LVLT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Level 3 Communications (NYSE:LVLT) based on the price action in the company's shares. Today's price range of $59.87 and $60.18 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 Level 3 Communications may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Level 3 Communications have traded between a low of $40.86 and a high of $60.40 and are now at $59.95, which is 47% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

There is potential upside of 4.5% for shares of Level 3 Communications based on a current price of $59.95 and an average consensus analyst price target of $62.64. Level 3 Communications shares have support at the 50-day moving average (MA) of $52.01 and additional support at the 200-day MA of $49.42.

Level 3 Communications, Inc. provides telecommunications and information services, including local, long distance, and data transmission. The Company also provides other enhanced communications and Internet services, and is involved in coal mining businesses.

SmarTrend is monitoring the recent change of momentum in Level 3 Communications. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Level 3 Communications in search of a potential trend change.

Keywords: bearish inside day candle level 3 communications

Ticker(s): LVLT