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

By David Diaz

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 $35.85 and $36.01 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.

National Instruments (NASDAQ:NATI) is currently priced 1.6% above its average consensus analyst price target of $35.33. National Instruments shares have support at the 50-day moving average (MA) of $28.90 and additional support at the 200-day MA of $28.83.

Over the past year, National Instruments has traded in a range of $25.90 to $36.50 and is now at $35.90, 39% above that low. The 200-day and 50-day moving averages have moved 0.01% lower and 0.32% lower over the past week, respectively.

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 recommended that subscribers consider buying shares of National Instruments on November 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.88. Since that recommendation, shares of National Instruments have risen 24.8%. We continue to monitor NATI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle national instruments

Ticker(s): NATI