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Possible Bearish Inside Day Candle Pattern Detected for Verint Systems (NASDAQ:VRNT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Verint Systems (NASDAQ:VRNT) based on the price action in the company's shares. Yesterday's price range of $51.17 and $53.22 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 Verint Systems may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $51.71, Verint Systems is currently 5.2% above its average consensus analyst price target of $49.00. The stock should hit resistance at its 200-day moving average (MA) of $53.09, as well as support at its 50-day MA of $45.91.

In the past 52 weeks, shares of Verint Systems have traded between a low of $39.96 and a high of $63.94 and closed yesterday at $51.71, which is 29% 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 0.9%.

Verint Systems Inc. provides analytic solutions for communications, interception, digital video security and surveillance, and enterprise business intelligence. The Company's software generates actionable intelligence through the collection, retention, and analysis of voice, fax, video, email, internet, and data transmission from various types of communications networks.

SmarTrend recommended that subscribers consider buying shares of Verint Systems on November 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.16. Since that recommendation, shares of Verint Systems have risen 9.7%. We continue to monitor VRNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle verint systems

Ticker(s): VRNT