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Possible Bearish Inside Day Candle Pattern Detected for Symantec Corp (NASDAQ:SYMC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Symantec Corp (NASDAQ:SYMC) based on the price action in the company's shares. Yesterday's price range of $20.28 and $20.41 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 Symantec Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Symantec Corp have traded between a low of $17.43 and a high of $24.77 and closed yesterday at $20.29, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

Symantec Corp (NASDAQ:SYMC) has potential upside of 14.1% based on a current price of $20.29 and analysts' consensus price target of $23.16. The stock should find initial resistance at its 200-day moving average (MA) of $21.26 and further resistance at its 50-day MA of $22.82.

Symantec Corporation provides security, storage, and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage, and control information risks related to security, data protection, storage, compliance, and management.

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

Keywords: bearish am inside day candle symantec corp

Ticker(s): SYMC