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Possible Bearish Inside Day Candle Pattern Detected for Tech Data Corp (NASDAQ:TECD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tech Data Corp (NASDAQ:TECD) based on the price action in the company's shares. Yesterday's price range of $86.93 and $88.53 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 Tech Data Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tech Data Corporation is a wholesale distributor of technology products. The Company also provides its customers with advanced logistics capabilities and Value-added services. Tech Data serves value-added resellers, direct marketers, retailers and corporate resellers in more than 100 countries throughout North America, South America, Europe, the Middle East and Africa.

Tech Data Corp share prices have moved between a 52-week high of $111.10 and a 52-week low of $75.31 and closed yesterday at 16% above that low price at $87.34 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.7%.

There is potential upside of 22.0% for shares of Tech Data Corp based on a current price of $87.34 and an average consensus analyst price target of $106.57. Tech Data Corp shares should encounter resistance at the 200-day moving average (MA) of $90.92 and support at the 50-day MA of $82.27.

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

Keywords: bearish am inside day candle tech data corp

Ticker(s): TECD