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Possible Bearish Inside Day Candle Pattern Detected for Maxlinear (NYSE:MXL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Maxlinear (NYSE:MXL) based on the price action in the company's shares. Yesterday's price range of $25.81 and $26.02 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 Maxlinear may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Maxlinear (NYSE:MXL) has potential upside of 5.2% based on a current price of $25.97 and analysts' consensus price target of $27.33. The stock should discover initial support at its 50-day moving average (MA) of $23.08 and subsequent support at its 200-day MA of $19.34.

Over the past year, Maxlinear has traded in a range of $14.87 to $26.20 and closed yesterday at $25.97, 75% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.1%.

MaxLinear, Inc. provides integrated, radio-frequency analog, and mixed-signal semiconductor solutions for broadband communications applications. The Company's products enable the display of broadband video in a wide range of electronic devices, including cable and terrestrial set top boxes, digital televisions, mobile handsets, personal computers, and netbooks.

SmarTrend recommended that subscribers consider buying shares of Maxlinear on January 29th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.82. Since that recommendation, shares of Maxlinear have risen 39.1%. We continue to monitor MXL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle maxlinear

Ticker(s): MXL