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Possible Bearish Inside Day Candle Pattern Detected for Silicon Labs (NASDAQ:SLAB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Silicon Labs (NASDAQ:SLAB) based on the price action in the company's shares. Yesterday's price range of $81.93 and $82.53 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 Silicon Labs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 34.0% for shares of Silicon Labs based on a current price of $82.44 and an average consensus analyst price target of $110.44. Silicon Labs shares should first meet resistance at the 50-day moving average (MA) of $83.26 and find additional resistance at the 200-day MA of $88.88.

Silicon Labs share prices have moved between a 52-week high of $110.70 and a 52-week low of $73.13 and closed yesterday at 13% above that low price at $82.44 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.4%.

Silicon Laboratories Inc. is a provider of silicon, software and solutions for the Internet of Things (IoT), internet infrastructure, industrial control, consumer and automotive markets. The Company solves problems in the electronics industry providing customers with significant performance, energy savings, connectivity and design simplicity.

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

Keywords: bearish am inside day candle silicon labs

Ticker(s): SLAB