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Possible Bearish Inside Day Candle Pattern Detected for Monotype Imaging (NASDAQ:TYPE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Monotype Imaging (NASDAQ:TYPE) based on the price action in the company's shares. Yesterday's price range of $19.77 and $19.90 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 Monotype Imaging may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Monotype Imaging Holdings Inc. provides text imaging solutions. The Company's technologies and fonts enable the display and printing of digital text on a variety of consumer electronic devices, including laser printers, digital copiers, mobile phones, digital televisions, set-top boxes and digital cameras, as well as in numerous software applications and operating systems.

Monotype Imaging (NASDAQ:TYPE) has potential upside of 48.5% based on a current price of $19.86 and analysts' consensus price target of $29.50. Monotype Imaging shares have support at the 200-day moving average (MA) of $19.11 and additional support at the 50-day MA of $17.44.

In the past 52 weeks, shares of Monotype Imaging have traded between a low of $15.29 and a high of $24.95 and closed yesterday at $19.86, which is 30% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of Monotype Imaging on February 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.91. Since that recommendation, shares of Monotype Imaging have risen 18.2%. We continue to monitor TYPE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle monotype imaging

Ticker(s): TYPE