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Possible Bearish Inside Day Candle Pattern Detected for Sanmina Corp (NASDAQ:SANM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sanmina Corp (NASDAQ:SANM) based on the price action in the company's shares. Yesterday's price range of $31.86 and $32.40 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 Sanmina Corp 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 Sanmina Corp have traded between a low of $22.30 and a high of $34.71 and closed yesterday at $32.10, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.4%.

Potential upside of 9.7% exists for Sanmina Corp, based on a current level of $32.10 and analysts' average consensus price target of $35.20. The stock should find initial support at its 50-day moving average (MA) of $30.95 and further support at its 200-day MA of $30.58.

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

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

Keywords: bearish am inside day candle sanmina corp

Ticker(s): SANM