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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Maxim Integrated Products (NASDAQ:MXIM) based on the price action in the company's shares. Yesterday's price range of $38.01 and $38.26 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 Products 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, Maxim Integrated Products share prices have been bracketed by a low of $20.62 and a high of $42.18 and closed yesterday at $38.18, 85% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.

Maxim Integrated Products (NASDAQ:MXIM) is currently priced 1.1% above its average consensus analyst price target of $37.77. The stock should discover initial support at its 50-day moving average (MA) of $35.69 and subsequent support at its 200-day MA of $35.36.

Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a broad range of linear and mixed-signal integrated circuits. The Company also provides a range of high-frequency design processes and capabilities that can be used in custom design.

SmarTrend recommended that subscribers consider buying shares of Maxim Integrated Products on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.99. Since that recommendation, shares of Maxim Integrated Products have risen 12.6%. We continue to monitor MXIM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle maxim integrated products

Ticker(s): MXIM