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

By David Diaz

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 $42.20 and $42.93 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.

There is potential upside of 123.3% for shares of Shutterfly Inc based on a current price of $42.21 and an average consensus analyst price target of $94.25. The stock should find resistance at its 200-day moving average (MA) of $56.50, as well as support at its 50-day MA of $42.16.

In the past 52 weeks, Shutterfly Inc share prices have been bracketed by a low of $35.08 and a high of $100.34 and closed yesterday at $42.21, 20% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.9%.

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

Keywords: bearish am inside day candle shutterfly inc

Ticker(s): SFLY