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

By Nick Russo

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. Yesterday's price range of $142.36 and $144.63 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 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. 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.

Verisign Inc (NASDAQ:VRSN) defies analysts with a current price ($143.47) 21.9% above its average consensus price target of $112.00. The stock should discover initial support at its 50-day moving average (MA) of $127.91 and subsequent support at its 200-day MA of $116.42.

In the past 52 weeks, Verisign Inc share prices have been bracketed by a low of $92.13 and a high of $145.57 and closed yesterday at $143.47, 56% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.2%.

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 am inside day candle verisign inc

Ticker(s): VRSN