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Possible Bearish Inside Day Candle Pattern Detected for Vonage Holdings (NYSE:VG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vonage Holdings (NYSE:VG) based on the price action in the company's shares. Today's price range of $10.31 and $10.38 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 Vonage Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Vonage Holdings Corporation provides telecommunications services. The Company offers technology that uses customers' existing high-speed internet connection to make and receive phone calls worldwide with a touch-tone telephone.

There is potential upside of 24.3% for shares of Vonage Holdings based on a current price of $10.31 and an average consensus analyst price target of $12.82. The stock should hit resistance at its 200-day moving average (MA) of $11.28, as well as support at its 50-day MA of $9.82.

In the past 52 weeks, shares of Vonage Holdings have traded between a low of $7.92 and a high of $14.73 and are now at $10.31, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.4%.

SmarTrend recommended that subscribers consider buying shares of Vonage Holdings on February 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.55. Since that recommendation, shares of Vonage Holdings have risen 9.5%. We continue to monitor VG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle vonage holdings

Ticker(s): VG