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Possible Bearish Inside Day Candle Pattern Detected for Orbcomm Inc (NASDAQ:ORBC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Orbcomm Inc (NASDAQ:ORBC) based on the price action in the company's shares. Yesterday's price range of $7.60 and $7.66 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 Orbcomm Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Orbcomm Inc has overhead space with shares priced $7.62, or 44.6% below the average consensus analyst price target of $13.76. The stock should hit resistance at its 200-day moving average (MA) of $9.09, as well as support at its 50-day MA of $7.40.

In the past 52 weeks, shares of Orbcomm Inc have traded between a low of $6.19 and a high of $11.25 and closed yesterday at $7.62, which is 23% 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 declined 0.8%.

ORBCOMM, Inc. offers wireless messaging services. The Company operates low earth orbit satellites and ground infrastructure that enable customers to track, monitor, control, and communicate with fixed and mobile assets located anywhere in the world.

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

Keywords: bearish am inside day candle orbcomm inc

Ticker(s): ORBC