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Possible Bearish Inside Day Candle Pattern Detected for Plantronics Inc (NYSE:PLT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Plantronics Inc (NYSE:PLT) based on the price action in the company's shares. Yesterday's price range of $35.04 and $35.99 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 Plantronics Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Plantronics Inc has traded in a range of $30.90 to $82.28 and closed yesterday at $36.03, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.9% while the 200-day MA has slid 0.8%.

Plantronics, Inc. designs, manufactures, and markets lightweight communications headsets and headset accessories and services. The Company also manufactures and markets specialty telephone products, such as amplified telephone headsets and specialty telephones for hearing-impaired users, and noise-cancelling headsets for use in high-noise environments.

There is potential upside of 94.3% for shares of Plantronics Inc based on a current price of $36.03 and an average consensus analyst price target of $70.00. Plantronics Inc shares should first meet resistance at the 50-day moving average (MA) of $44.03 and find additional resistance at the 200-day MA of $61.17.

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

Keywords: bearish am inside day candle plantronics inc

Ticker(s): PLT