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Possible Bearish Inside Day Candle Pattern Detected for Tier Technologies (AMEX:TIER)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tier Technologies (AMEX:TIER) based on the price action in the company's shares. Yesterday's price range of $17.33 and $17.54 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 Tier Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tier Technologies (AMEX:TIER) has potential upside of 13.3% based on a current price of $17.51 and analysts' consensus price target of $19.83. The stock should discover initial support at its 200-day moving average (MA) of $14.96 and subsequent support at its 50-day MA of $13.90.

Over the past year, Tier Technologies has traded in a range of $2.31 to $19.50 and closed yesterday at $17.51, 658% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.2%.

Tier Technologies, Inc. provides information technology consulting, application development, and software engineering services. The Company's services facilitate the migration of clients' enterprise-wide systems and applications to leading edge technologies. Tier provides its services to Fortune 1000 companies and government entities through offices in the US, Australia, and the UK.

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

Keywords: bearish am inside day candle amex:tier tier technologies

Ticker(s): TIER