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Possible Bearish Inside Day Candle Pattern Detected for Nuance Communica (NASDAQ:NUAN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nuance Communica (NASDAQ:NUAN) based on the price action in the company's shares. Today's price range of $16.45 and $16.75 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 Nuance Communica may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nuance Communica has overhead space with shares priced $16.52, or 2.8% below the average consensus analyst price target of $17.00. The stock should find initial support at its 200-day moving average (MA) of $15.50 and further support at its 50-day MA of $14.66.

Nuance Communications, Inc. provides speech and imaging solutions for businesses and consumers around the world. The Company's products include a speech recognizer, call steering, and a product that converts text into speech.

In the past 52 weeks, Nuance Communica share prices have been bracketed by a low of $12.18 and a high of $18.75 and are now at $16.52, 36% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

SmarTrend recommended that subscribers consider buying shares of Nuance Communica on July 12th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.23. Since that recommendation, shares of Nuance Communica have risen 10.5%. We continue to monitor NUAN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nuance communica

Ticker(s): NUAN