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Possible Bearish Inside Day Candle Pattern Detected for QLogic (NASDAQ:QLGC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in QLogic (NASDAQ:QLGC) based on the price action in the company's shares. Today's price range of $9.94 and $10.02 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 QLogic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

QLogic Corp. supplies high performance storage networking solutions and networking infrastructure solutions which are sold primarily to original equipment manufacturers and distributors. The Company produces host bus adapters and Fibre Channel switches including core, blade and stackable switches. QLogic also supplies enclosure management and baseboard management products.

In the past 52 weeks, shares of QLogic have traded between a low of $8.63 and a high of $19.00 and are now at $10.02, which is 16% above that low price. The 200-day and 50-day moving averages have moved 0.23% lower and 2.13% lower over the past week, respectively.

There is potential upside of 16.2% for shares of QLogic based on a current price of $10.02 and an average consensus analyst price target of $11.64. The stock should find initial resistance at its 50-day moving average (MA) of $10.32 and further resistance at its 200-day MA of $11.35.

SmarTrend recommended that its subscribers protect gains by selling shares of QLogic on April 30th, 2014 by issuing a Downtrend alert when the shares were trading at $11.57. Since that call, shares of QLogic have fallen 13.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle qlogic

Ticker(s): QLGC