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Possible Bearish Inside Day Candle Pattern Detected for Viavi Solutions (NASDAQ:VIAV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Viavi Solutions (NASDAQ:VIAV) based on the price action in the company's shares. Yesterday's price range of $14.03 and $14.27 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 Viavi Solutions may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Viavi Solutions (NASDAQ:VIAV) defies analysts with a current price ($13.92) 12.4% above its average consensus price target of $12.19. The stock should find resistance at its 50-day moving average (MA) of $13.97, as well as support at its 200-day MA of $12.21.

Viavi Solutions Inc. provides network and service enabling solutions and optical products. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Viavi Solutions serves customers worldwide.

In the past 52 weeks, Viavi Solutions share prices have been bracketed by a low of $9.17 and a high of $14.95 and closed yesterday at $13.92, 52% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.5%.

SmarTrend recommended that subscribers consider buying shares of Viavi Solutions on April 24th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.26. Since that recommendation, shares of Viavi Solutions have risen 7.7%. We continue to monitor VIAV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle viavi solutions

Ticker(s): VIAV