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

By David Diaz

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. Today's price range of $19.85 and $19.85 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 Symantec Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 16.7% for shares of Symantec Corp based on a current price of $19.85 and an average consensus analyst price target of $23.16. The stock should run into initial resistance at its 200-day moving average (MA) of $21.25 and subsequent resistance at its 50-day MA of $22.94.

Over the past year, Symantec Corp has traded in a range of $17.43 to $24.77 and is now at $19.85, 14% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.1%.

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 inside day candle symantec corp

Ticker(s): SYMC