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Possible Bearish Inside Day Candle Pattern Detected for Nutanix Inc - A (NASDAQ:NTNX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nutanix Inc - A (NASDAQ:NTNX) based on the price action in the company's shares. Yesterday's price range of $35.20 and $37.34 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 Nutanix Inc - A 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, Nutanix Inc - A share prices have been bracketed by a low of $17.74 and a high of $54.68 and closed yesterday at $35.97, 103% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

Potential upside of 64.8% exists for Nutanix Inc - A, based on a current level of $35.97 and analysts' average consensus price target of $59.29. The stock should find initial support at its 200-day moving average (MA) of $31.22 and further support at its 50-day MA of $27.77.

Nutanix, Inc. designs and develops enterprise cloud platforms. The Company provides enterprise cloud platform solutions that converge traditional silos of server, virtualization, and storage into one integrated solution. Nutanix serves customers worldwide.

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

Keywords: bearish am inside day candle nutanix inc - a

Ticker(s): NTNX