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Possible Bearish Inside Day Candle Pattern Detected for Nn Inc (NASDAQ:NNBR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nn Inc (NASDAQ:NNBR) based on the price action in the company's shares. Yesterday's price range of $6.25 and $6.37 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 Nn Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

NN, Inc., a diversified industrial company, designs and manufactures high-precision components and assemblies in the United States, Europe, Asia, Canada, Mexico, South America, and internationally.

In the past 52 weeks, shares of Nn Inc have traded between a low of $5.55 and a high of $20.50 and closed yesterday at $6.26, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 1.5%.

Potential upside of 395.2% exists for Nn Inc, based on a current level of $6.26 and analysts' average consensus price target of $31.00. The stock should find initial resistance at its 50-day moving average (MA) of $8.07 and further resistance at its 200-day MA of $8.38.

SmarTrend recommended that its subscribers protect gains by selling shares of Nn Inc on July 19th, 2019 by issuing a Downtrend alert when the shares were trading at $7.95. Since that call, shares of Nn Inc have fallen 19.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle nn inc

Ticker(s): NNBR