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

By Nick Russo

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. Today's price range of $44.80 and $45.00 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 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.

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.

There is potential upside of 4.1% for shares of Maxim Integrated Products based on a current price of $44.94 and an average consensus analyst price target of $46.76. The stock should find initial support at its 50-day moving average (MA) of $35.69 and further support at its 200-day MA of $35.36.

In the past 52 weeks, Maxim Integrated Products share prices have been bracketed by a low of $20.62 and a high of $46.22 and are now at $44.94, 118% above that low price. The 200-day and 50-day moving averages have moved 0.25% higher and 0.62% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Maxim Integrated Products on January 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.74. Since that recommendation, shares of Maxim Integrated Products have risen 10.5%. We continue to monitor MXIM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle maxim integrated products

Ticker(s): MXIM