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

By Shiri Gupta

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 $8.22 and $8.35 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.

There is potential upside of 275.3% for shares of Nn Inc based on a current price of $8.26 and an average consensus analyst price target of $31.00. Nn Inc shares should first meet resistance at the 50-day moving average (MA) of $8.70 and find additional resistance at the 200-day MA of $10.44.

In the past 52 weeks, shares of Nn Inc have traded between a low of $5.55 and a high of $22.15 and closed yesterday at $8.26, which is 49% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 0.4%.

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

Keywords: bearish am inside day candle nn inc

Ticker(s): NNBR