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Possible Bearish Inside Day Candle Pattern Detected for Verisign Inc (NASDAQ:VRSN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Verisign Inc (NASDAQ:VRSN) based on the price action in the company's shares. Today's price range of $142.86 and $144.63 is within yesterday'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 Verisign Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Verisign Inc share prices have moved between a 52-week high of $145.57 and a 52-week low of $92.13 and are now trading 56% above that low price at $143.31 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has risen 0.5%.

Verisign Inc (NASDAQ:VRSN) is currently priced 21.8% above its average consensus analyst price target of $112.00. Verisign Inc shares have support at the 50-day moving average (MA) of $127.41 and additional support at the 200-day MA of $116.22.

VeriSign, Inc. provides domain names and Internet security services. The Company ensures the security, stability, and resiliency of key Internet infrastructure including the .com and .net top-level domains among others. VeriSign also offers intelligence-driven security services.

SmarTrend recommended that subscribers consider buying shares of Verisign Inc on May 9th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $123.09. Since that recommendation, shares of Verisign Inc have risen 18.0%. We continue to monitor VRSN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle verisign inc

Ticker(s): VRSN