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Possible Bearish Inside Day Candle Pattern Detected for Zendesk Inc (NYSE:ZEN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Zendesk Inc (NYSE:ZEN) based on the price action in the company's shares. Today's price range of $82.17 and $82.45 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 Zendesk Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Zendesk, Inc. provides web-based help desk software with customer support platform. The Company offers applications that allow clients to manage incoming support requests from end customers from any Internet connected computer. Zendesk serves customers in the United States.

Zendesk Inc (NYSE:ZEN) defies analysts with a current price ($82.17) 29.7% above its average consensus price target of $57.79. The stock should discover initial support at its 50-day moving average (MA) of $71.16 and subsequent support at its 200-day MA of $62.83.

In the past 52 weeks, Zendesk Inc share prices have been bracketed by a low of $44.42 and a high of $83.83 and are now at $82.17, 85% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 2.8%.

SmarTrend recommended that subscribers consider buying shares of Zendesk Inc on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.93. Since that recommendation, shares of Zendesk Inc have risen 43.2%. We continue to monitor ZEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle zendesk inc

Ticker(s): ZEN