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Possible Bearish Inside Day Candle Pattern Detected for Synaptics Inc (NASDAQ:SYNA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synaptics Inc (NASDAQ:SYNA) based on the price action in the company's shares. Yesterday's price range of $39.06 and $39.31 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 Synaptics Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Synaptics Inc has traded in a range of $33.54 to $55.25 and closed yesterday at $39.15, 17% above that low. The 200-day and 50-day moving averages have moved 0.22% lower and 0.50% higher over the past week, respectively.

Synaptics Inc (NASDAQ:SYNA) has potential upside of 34.1% based on a current price of $39.15 and analysts' consensus price target of $52.50. The stock should hit resistance at its 200-day moving average (MA) of $43.26, as well as support at its 50-day MA of $37.25.

Synaptics Incorporated develops custom-designed user interface solutions. The Company's solutions enable people to interact with a variety of mobile computing and communications devices. Synaptics offers a touch-sensitive pad that senses the position of a person's finger on its surface to provide screen navigation, cursor movement, and a platform of interactive input.

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

Keywords: bearish am inside day candle synaptics inc

Ticker(s): SYNA