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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 $67.40 and $69.24 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.

In the past 52 weeks, Synaptics share prices have been bracketed by a low of $57.02 and a high of $102.50 and closed yesterday at $67.83, 19% above that low price. 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.

Potential upside of 48.0% exists for Synaptics, based on a current level of $67.83 and analysts' average consensus price target of $100.36. The stock should find initial resistance at its 200-day moving average (MA) of $78.51 and further resistance at its 50-day MA of $80.38.

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

Keywords: bearish am inside day candle synaptics

Ticker(s): SYNA