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Possible Bearish Inside Day Candle Pattern Detected for Skyworks Solutio (NASDAQ:SWKS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Skyworks Solutio (NASDAQ:SWKS) based on the price action in the company's shares. Yesterday's price range of $98.79 and $100.71 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 Skyworks Solutio 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 15.3% exists for Skyworks Solutio, based on a current level of $99.12 and analysts' average consensus price target of $114.24. The stock should discover initial support at its 50-day moving average (MA) of $89.20 and subsequent support at its 200-day MA of $82.33.

Skyworks Solutions, Inc. a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications. The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

In the past 52 weeks, shares of Skyworks Solutio have traded between a low of $60.12 and a high of $102.87 and closed yesterday at $99.12, which is 65% above that low price. The 200-day and 50-day moving averages have moved 0.31% higher and 1.20% higher over the past week, respectively.

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

Keywords: bearish am inside day candle skyworks solutio

Ticker(s): SWKS