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

By Nick Russo

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. Yesterday's price range of $27.86 and $28.04 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 National Instruments may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, National Instruments share prices have been bracketed by a low of $25.90 and a high of $31.71 and closed yesterday at $28.02, 8% 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 has overhead space with shares priced $28.02, or 18.8% below the average consensus analyst 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.

SmarTrend is tracking the current trend status for National Instruments and will alert subscribers who have NATI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle national instruments

Ticker(s): NATI