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

By Amy Schwartz

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 $21.21 and $21.42 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, 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.

In the past 52 weeks, Maxlinear share prices have been bracketed by a low of $14.87 and a high of $28.70 and closed yesterday at $21.40, 44% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has risen 0.2%.

Maxlinear (NYSE:MXL) has potential upside of 27.7% based on a current price of $21.40 and analysts' consensus price target of $27.33. The stock should hit resistance at its 50-day moving average (MA) of $25.05, as well as support at its 200-day MA of $21.06.

SmarTrend recommended that its subscribers protect gains by selling shares of Maxlinear on May 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $25.21. Since that call, shares of Maxlinear have fallen 13.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle maxlinear

Ticker(s): MXL