Possible Bearish Inside Day Candle Pattern Detected for Silicon Motion Technology (NASDAQ:SIMO)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Silicon Motion Technology (NASDAQ:SIMO) based on the price action in the company's shares. Yesterday's price range of $40.11 and $41.55 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 Motion Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Based on a current price of $40.47, Silicon Motion Technology is currently 9.2% above its average consensus analyst price target of $36.75. Silicon Motion Technology shares have support at the 50-day moving average (MA) of $37.13 and additional support at the 200-day MA of $31.17.
Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.
In the past 52 weeks, Silicon Motion Technology share prices have been bracketed by a low of $20.01 and a high of $41.87 and closed yesterday at $40.47, 102% above that low price. The 200-day and 50-day moving averages have moved 0.61% higher and 1.44% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Silicon Motion Technology on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.28. Since that recommendation, shares of Silicon Motion Technology have risen 33.2%. We continue to monitor SIMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle silicon motion technology