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Possible Bearish Inside Day Candle Pattern Detected for QLIK Technologies (NASDAQ:QLIK)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in QLIK Technologies (NASDAQ:QLIK) based on the price action in the company's shares. Today's price range of $30.26 and $30.33 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 QLIK Technologies 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, shares of QLIK Technologies have traded between a low of $15.77 and a high of $42.90 and are now at $30.29, which is 92% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 3.1%.

QLIK Technologies Inc. develops business intelligence solutions. The Company's software platform combines enterprise-class analytics and search functionality into a single platform.

Potential upside of 42.9% exists for QLIK Technologies, based on a current level of $30.29 and analysts' average consensus price target of $43.27. QLIK Technologies shares should encounter resistance at the 200-day moving average (MA) of $31.55 and support at the 50-day MA of $27.67.

SmarTrend recommended that subscribers consider buying shares of QLIK Technologies on February 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.53. Since that recommendation, shares of QLIK Technologies have risen 40.9%. We continue to monitor QLIK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle qlik technologies

Ticker(s): QLIK