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Possible Bearish Inside Day Candle Pattern Detected for Maxim Integrated (NASDAQ:MXIM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Maxim Integrated (NASDAQ:MXIM) based on the price action in the company's shares. Yesterday's price range of $54.24 and $54.58 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 Maxim Integrated may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Maxim Integrated (NASDAQ:MXIM) has potential upside of 10.6% based on a current price of $54.40 and analysts' consensus price target of $60.19. Maxim Integrated shares should first meet resistance at the 200-day moving average (MA) of $55.37 and find additional resistance at the 50-day MA of $56.46.

Maxim Integrated Products, Inc. designs, develops, manufactures, and markets linear and mixed-signal integrated circuits. The Company offers switching regulators, battery management, amplifiers, data converters, filters, opticals, and memory products. Maxim Integrated Products serves customers globally.

In the past 52 weeks, shares of Maxim Integrated have traded between a low of $46.64 and a high of $74.94 and closed yesterday at $54.40, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.21% lower and 0.07% lower over the past week, respectively.

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

Keywords: bearish am inside day candle maxim integrated

Ticker(s): MXIM