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Possible Bearish Inside Day Candle Pattern Detected for National Instruments (NASDAQ:NATI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in National Instruments (NASDAQ:NATI) based on the price action in the company's shares. Today's price range of $28.21 and $28.39 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 National Instruments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of National Instruments have traded between a low of $25.90 and a high of $31.71 and are now at $28.36, which is 9% 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 declined 0.3%.

National Instruments (NASDAQ:NATI) has potential upside of 21.7% based on a current price of $28.36 and analysts' consensus price target of $34.50. National Instruments shares should first meet resistance at the 200-day moving average (MA) of $28.83 and find additional resistance at the 50-day MA of $28.90.

National Instruments Corporation supplies computer-based instrumentation hardware and software products for engineers and scientists. The Company provides flexible application software and modular hardware that users combine with computers, networks, and the Internet to create computer-based measurement and automation systems.

SmarTrend is monitoring the recent change of momentum in National Instruments. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of National Instruments in search of a potential trend change.

Keywords: bearish inside day candle national instruments

Ticker(s): NATI