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Possible Bearish Inside Day Candle Pattern Detected for Monolithic Power (NASDAQ:MPWR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monolithic Power (NASDAQ:MPWR) based on the price action in the company's shares. Yesterday's price range of $139.34 and $141.34 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 Monolithic Power may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Monolithic Power (NASDAQ:MPWR) defies analysts with a current price ($141.12) 6.1% above its average consensus price target of $132.57. The stock should find initial support at its 50-day moving average (MA) of $127.12 and further support at its 200-day MA of $118.18.

In the past 52 weeks, shares of Monolithic Power have traded between a low of $62.38 and a high of $141.82 and closed yesterday at $141.12, which is 126% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.3%.

Monolithic Power Systems, Inc. designs and manufactures power management solutions. The Company provides power conversion, LED lighting, load switches, cigarette lighter adapters, chargers, position sensors, analog input, and other electrical components. Monolithic Power Systems serves customers globally.

SmarTrend recommended that subscribers consider buying shares of Monolithic Power on April 12th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $119.82. Since that recommendation, shares of Monolithic Power have risen 18.2%. We continue to monitor MPWR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle monolithic power

Ticker(s): MPWR