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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 $7.93 and $8.29 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.

Over the past year, Nn Inc has traded in a range of $5.55 to $20.20 and closed yesterday at $8.09, 46% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 2.4%.

Nn Inc (NASDAQ:NNBR) has potential upside of 283.2% based on a current price of $8.09 and analysts' consensus price target of $31.00. Nn Inc shares should encounter resistance at the 200-day moving average (MA) of $8.16 and support at the 50-day MA of $7.58.

SmarTrend is monitoring the recent change of momentum in Nn Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Nn Inc in search of a potential trend change.

Keywords: bearish am inside day candle nn inc

Ticker(s): NNBR