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

By Amy Schwartz

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 $15.05 and $15.11 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.

Over the past year, QLogic has traded in a range of $8.37 to $19.00 and is now at $15.07, 80% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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.

QLogic (NASDAQ:QLGC) is currently priced 16.4% above its average consensus analyst price target of $12.60. QLogic shares have support at the 50-day moving average (MA) of $13.13 and additional support at the 200-day MA of $11.82.

SmarTrend recommended that subscribers consider buying shares of QLogic on October 23rd, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.58. Since that recommendation, shares of QLogic have risen 20.2%. We continue to monitor QLGC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle qlogic

Ticker(s): QLGC