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Possible Bullish Inside Day Candle Pattern Detected for Accuray Inc (NASDAQ:ARAY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Accuray Inc (NASDAQ:ARAY) based on the price action in the company's shares. Yesterday's price range of $2.70 and $2.74 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. Traders and investors interested in shares of Accuray Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Accuray Incorporated develops medical equipment. The Company produces radiation therapy and radio surgery treatment systems. Accuray has developed an intelligent robotic radio surgery system designed to treat solid tumors anywhere in the body as an alternative to traditional surgery.

Potential upside of 166.2% exists for Accuray Inc, based on a current level of $2.71 and analysts' average consensus price target of $7.20. The stock should run into initial resistance at its 50-day moving average (MA) of $2.82 and subsequent resistance at its 200-day MA of $3.76.

Accuray Inc share prices have moved between a 52-week high of $5.40 and a 52-week low of $2.35 and closed yesterday at 15% above that low price at $2.71 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for Accuray Inc and will alert subscribers who have ARAY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle accuray inc

Ticker(s): ARAY