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Possible Bullish Inside Day Candle Pattern Detected for Adtran Inc (NASDAQ:ADTN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Adtran Inc (NASDAQ:ADTN) based on the price action in the company's shares. Yesterday's price range of $12.56 and $12.98 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 Adtran 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.

In the past 52 weeks, shares of Adtran Inc have traded between a low of $12.54 and a high of $23.15 and closed yesterday at $12.94, which is 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has slid 0.3%.

Potential upside of 34.0% exists for Adtran Inc, based on a current level of $12.94 and analysts' average consensus price target of $17.33. The stock should run into initial resistance at its 200-day moving average (MA) of $15.66 and subsequent resistance at its 50-day MA of $15.73.

ADTRAN, Inc. designs, develops, manufactures, markets, and services a variety of high-speed digital transmission products. The Company's products are used by telephone companies and corporate end-users to implement advanced digital data services over existing telephone networks. ADTRAN also offers a line of multiplexers which provides modular flexibility.

SmarTrend recommended that its subscribers protect gains by selling shares of Adtran Inc on October 18th, 2018 by issuing a Downtrend alert when the shares were trading at $14.32. Since that call, shares of Adtran Inc have fallen 9.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle adtran inc

Ticker(s): ADTN