Possible Bearish Inside Day Candle Pattern Detected for Sina (NASDAQ:SINA)
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 $65.66 and $66.50 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.
Sina (NASDAQ:SINA) defies analysts with a current price ($65.82) 15.4% above its 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 share prices have moved between a 52-week high of $67.41 and a 52-week low of $32.61 and are now trading 102% above that low price at $65.82 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.3%.
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.
SmarTrend recommended that subscribers consider buying shares of Sina on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $53.29. Since that recommendation, shares of Sina have risen 26.1%. We continue to monitor SINA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle