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Possible Bearish Inside Day Candle Pattern Detected for Shutterfly Inc (NASDAQ:SFLY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Shutterfly Inc (NASDAQ:SFLY) based on the price action in the company's shares. Yesterday's price range of $50.76 and $50.78 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 Shutterfly Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Shutterfly, Inc. operates an e-commerce website. The website offers a wide range of photo-related products and services for social expression and personal publishing.

Potential upside of 85.7% exists for Shutterfly Inc, based on a current level of $50.76 and analysts' average consensus price target of $94.25. The stock should discover initial support at its 50-day moving average (MA) of $50.44 and subsequent support at its 200-day MA of $46.52.

In the past 52 weeks, Shutterfly Inc share prices have been bracketed by a low of $35.08 and a high of $77.88 and closed yesterday at $50.76, 45% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Shutterfly Inc on May 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.11. Since that recommendation, shares of Shutterfly Inc have risen 12.6%. We continue to monitor SFLY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle shutterfly inc

Ticker(s): SFLY