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Possible Bearish Inside Day Candle Pattern Detected for Linear Technology (NASDAQ:LLTC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Linear Technology (NASDAQ:LLTC) based on the price action in the company's shares. Today's price range of $47.19 and $47.55 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 Linear Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Linear Technology (NASDAQ:LLTC) defies analysts with a current price ($47.39) 10.8% above its average consensus price target of $42.25. Linear Technology shares have support at the 50-day moving average (MA) of $44.35 and additional support at the 200-day MA of $42.66.

Linear Technology share prices have moved between a 52-week high of $48.29 and a 52-week low of $36.41 and are now trading 30% above that low price at $47.39 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

Linear Technology Corporation designs, manufactures, and markets a line of linear integrated circuits. The Company's products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, and RF signal conditioning circuits.

SmarTrend recommended that subscribers consider buying shares of Linear Technology on January 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.87. Since that recommendation, shares of Linear Technology have risen 13.9%. We continue to monitor LLTC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Linear Technology

Ticker(s): LLTC