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Possible Bearish Inside Day Candle Pattern Detected for Shenandoah Telec (NASDAQ:SHEN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Shenandoah Telec (NASDAQ:SHEN) based on the price action in the company's shares. Yesterday's price range of $37.91 and $39.25 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 Shenandoah Telec 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, Shenandoah Telec has traded in a range of $29.61 to $51.41 and closed yesterday at $38.58, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.4%.

Potential upside of 8.9% exists for Shenandoah Telec, based on a current level of $38.58 and analysts' average consensus price target of $42.00. Shenandoah Telec shares should encounter resistance at the 200-day moving average (MA) of $39.59 and support at the 50-day MA of $32.20.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries. The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas. Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

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

Keywords: bearish am inside day candle shenandoah telec

Ticker(s): SHEN