Possible Bearish Inside Day Candle Pattern Detected for Netscout Systems (NASDAQ:NTCT)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Netscout Systems (NASDAQ:NTCT) based on the price action in the company's shares. Yesterday's price range of $29.01 and $29.38 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 Netscout Systems 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 Netscout Systems have traded between a low of $18.77 and a high of $43.23 and closed yesterday at $29.24, which is 56% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 1.1%.
Netscout Systems has overhead space with shares priced $29.24, or 35.8% below the average consensus analyst price target of $45.56. The stock should find resistance at its 200-day moving average (MA) of $30.17, as well as support at its 50-day MA of $21.74.
NetScout Systems, Inc. designs, develops, manufactures, markets, and supports a family of products that enable businesses and service providers to manage the performance of computer networks and business software applications. The Company's Application Flow Management solution consists of data collection devices and analysis and presentation software.
SmarTrend recommended that subscribers consider buying shares of Netscout Systems on July 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.06. Since that recommendation, shares of Netscout Systems have risen 17.6%. We continue to monitor NTCT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle netscout systems