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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Synaptics (NASDAQ:SYNA) based on the price action in the company's shares. Yesterday's price range of $66.51 and $67.88 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Synaptics (NASDAQ:SYNA) has potential upside of 48.0% based on a current price of $67.80 and analysts' consensus price target of $100.36. Synaptics shares should first meet resistance at the 200-day moving average (MA) of $78.51 and find additional resistance at the 50-day MA of $80.38.

Synaptics share prices have moved between a 52-week high of $102.50 and a 52-week low of $47.09 and closed yesterday at 44% above that low price at $67.80 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.2%.

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 recommended that subscribers consider buying shares of Synaptics on August 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.07. Since that recommendation, shares of Synaptics have risen 20.9%. We continue to monitor SYNA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle synaptics

Ticker(s): SYNA