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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 $90.12 and $91.39 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 Corp has overhead space with shares priced $91.14, or 14.5% below the average consensus analyst price target of $106.57. The stock should discover initial support at its 50-day moving average (MA) of $80.26 and subsequent support at its 200-day MA of $80.11.

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.

In the past 52 weeks, Tech Data Corp share prices have been bracketed by a low of $66.93 and a high of $108.62 and closed yesterday at $91.14, 36% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.7%.

SmarTrend recommended that subscribers consider buying shares of Tech Data Corp on November 2nd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.17. Since that recommendation, shares of Tech Data Corp have risen 21.9%. We continue to monitor TECD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle tech data corp

Ticker(s): TECD