• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Lumentum Hol (NASDAQ:LITE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lumentum Hol (NASDAQ:LITE) based on the price action in the company's shares. Yesterday's price range of $66.87 and $67.43 is within the prior day'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 Lumentum Hol 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, Lumentum Hol share prices have been bracketed by a low of $37.00 and a high of $67.97 and closed yesterday at $67.33, 82% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.6%.

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves customers worldwide.

There is potential upside of 21.3% for shares of Lumentum Hol based on a current price of $67.33 and an average consensus analyst price target of $81.67. The stock should find initial support at its 50-day moving average (MA) of $57.56 and further support at its 200-day MA of $53.98.

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

Keywords: bearish am inside day candle lumentum hol

Ticker(s): LITE