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Possible Bearish Inside Day Candle Pattern Detected for Sina (NASDAQ:SINA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sina (NASDAQ:SINA) based on the price action in the company's shares. Today's price range of $52.71 and $53.80 is within yesterday'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 Sina may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 4.1% exists for Sina, based on a current level of $53.52 and analysts' average consensus price target of $55.70. The stock should find initial support at its 50-day moving average (MA) of $47.71 and further support at its 200-day MA of $45.07.

SINA Corporation is a global Internet media company operating Chinese-language destination sites. The Company offers a network of branded content and services targeting people of Chinese descent worldwide. SINA.com offers online news, entertainment, community, and commerce through web sites that are produced and updated by local teams in China, Hong Kong, Taiwan, and North America.

Sina share prices have moved between a 52-week high of $61.25 and a 52-week low of $32.61 and are now trading 64% above that low price at $53.52 per share. The 200-day and 50-day moving averages have moved 0.35% higher and 1.13% higher over the past week, respectively.

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

Keywords: bearish inside day candle

Ticker(s): SINA