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Possible Bearish Inside Day Candle Pattern Detected for Semtech Corp (NASDAQ:SMTC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Semtech Corp (NASDAQ:SMTC) based on the price action in the company's shares. Today's price range of $39.90 and $40.85 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 Semtech Corp 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, Semtech Corp has traded in a range of $21.35 to $41.95 and is now at $40.50, 90% above that low. The 200-day and 50-day moving averages have moved 0.36% higher and 1.44% higher over the past week, respectively.

Semtech Corporation designs, manufactures, and markets a wide range of analog and mixed-signal semiconductors, including integrated circuits, discrete circuits, and assembly products. The Company's devices are used in computer, communications, industrial, military-aerospace, and automotive applications.

Potential upside of 4.2% exists for Semtech Corp, based on a current level of $40.50 and analysts' average consensus price target of $42.20. Semtech Corp shares have support at the 50-day moving average (MA) of $21.60 and additional support at the 200-day MA of $18.70.

SmarTrend is monitoring the recent change of momentum in Semtech Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Semtech Corp in search of a potential trend change.

Keywords: bearish inside day candle semtech corp

Ticker(s): SMTC