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Possible Bearish Inside Day Candle Pattern Detected for Rambus Inc (NASDAQ:RMBS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rambus Inc (NASDAQ:RMBS) based on the price action in the company's shares. Yesterday's price range of $12.07 and $12.24 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 Rambus Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Rambus, Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems. The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating rambus interface technology.

In the past 52 weeks, shares of Rambus Inc have traded between a low of $7.17 and a high of $14.61 and closed yesterday at $12.20, which is 70% above that low price. The 200-day and 50-day moving averages have moved 0.47% higher and 0.42% higher over the past week, respectively.

Rambus Inc has overhead space with shares priced $12.20, or 27.8% below the average consensus analyst price target of $16.90. Rambus Inc shares have support at the 50-day moving average (MA) of $12.11 and additional support at the 200-day MA of $10.33.

SmarTrend recommended that subscribers consider buying shares of Rambus Inc on January 22nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.47. Since that recommendation, shares of Rambus Inc have risen 45.4%. We continue to monitor RMBS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle rambus inc

Ticker(s): RMBS