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

By Shiri Gupta

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 $104.70 and $105.79 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.

Silicon Labs has overhead space with shares priced $104.97, or 5.0% below the average consensus analyst price target of $110.44. The stock should discover initial support at its 200-day moving average (MA) of $87.94 and subsequent support at its 50-day MA of $85.14.

In the past 52 weeks, Silicon Labs share prices have been bracketed by a low of $73.13 and a high of $110.70 and closed yesterday at $104.97, 44% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

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

Keywords: bearish am inside day candle silicon labs

Ticker(s): SLAB